Applications open for Open Up Challenge with 2.5m up for grabs
Independent innovation charity Nesta has announced details of a 2.5m prize fund for the second stage of its Open Up Challenge.
The competition, launched as part of the Competition and Markets Authority’s (CMA) open banking reforms, will see technology startups compete for grants of up 200, 000 to deliver innovative new financial products for small business owners.
In line with the CMA’s open banking reforms, the challenge is seeking fintech solutions that will promote competition.
According to Nesta, products will be considered that help small businesses save time and money, find better services, reduce stress and discover the intelligence in their financial data.
Applications are now open online, and will close on 4 May 2018.
Fintech entrepreneurs will be able to apply for one of three prize streams, and are not needed to have participated in the first round of Open Up Challenge.
Business Current Account (BCA) Track
Solutions that will (at a minimum) help small businesses navigate the market for business current accounts. This service could be embedded in a wider product.
Solutions that will (at a minimum) help small businesses navigate the market for unsecured loans of less than 25k. This service could be embedded in a wider product.
Praseeda Nair is the editorial director of Business Advice, and its sister publication for growing businesses, Real Business. She's an impassioned advocate for women in leadership, and likes to profile business owners, advisors and experts in the field of entrepreneurship and management.
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