A new era for the bank account loans and overdrafts financial automation financial intelligence

 

Make it happen.

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 £2.5m 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.

Applications are now closed for the 2018 round of the Challenge. We'll be announcing 10-12 Finalists in June.

One Prize. Three Tracks.

BCA Track. Build a solution that (at a minimum) helps small businesses navigate the market for business current accounts. This service could be embedded in a wider product.

Credit Track. Build a solution that (at a minimum) helps small businesses navigate the market for unsecured loans less than £25k. This service could be embedded in a wider product.

New Frontiers Track. Surprise us. With real-time, permissioned access to small businesses' account transaction data, enabled by open banking, what can you do to deliver game-changing value for each user? Could your product promote competition and innovation in the wider market?

Applications are now closed for the 2018 round of the Challenge. We'll be announcing 10-12 Finalists in June.



Origins.

The Open Up Challenge is backed by the Competition & Markets Authority as part of the UK's world-leading open banking agenda. Last year our 2017 prize fund supported 20 fintechs at the forefront of open banking. Now we're back and re-opening applications for our next wave of funding to teams across the world. You don't need to have participated in Stage 1 to apply. Read more on the background to the prize.

OP.

In the meantime, check out OP, our open banking publication. Over the coming weeks, we'll be tackling the question: What will the bank account look like in 2030? This is part of a broader goal we are setting ourselves in 2018 to conduct a series of investigations into the future of banking and finance. We'll talk to the biggest thinkers in tech and finance to find out how societal and technological trends will change how consumers and small businesses will manage money 'in 2030 and beyond'.