No one starts a small business for love of the back office. Keeping the finances under control can be the difference between success and failure but all too often small businesses are left feeling overwhelmed. It doesn't need to be that way. Financial technology can, and should, be there to help.
The Open Up Challenge is a prize fund backing ambitious products that will help small businesses save time and money, find better services, reduce stress and discover the intelligence in their financial data. By the end of 2018, we'll have awarded £4.5m in equity-free funding to 25 fintech companies.
The Challenge - backed by the Competition & Markets Authority (CMA) and managed independently by Nesta, an innovation foundation - forms part of the UK's world-leading open banking agenda. The initiative is a powerful example of how public authorities can combine new regulation with targeted investment programmes to make markets work better.