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.
That's where you come in.
If you're building the next generation of financial products and services for small businesses, we want to talk. 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.
Join the prize as one of our Finalists and you'll win a £100k grant, with the chance to win a further £200k or more.
Enter the prize.
We're looking for teams with innovative products or services that promote competition in the markets for business current accounts, credit, and financial automation and intelligence tools. Our expert, independent Judging Panel will award grants to 10 to 12 Finalist teams in June, with five or six of those teams winning Prize Awards in November.
You can take one of three tracks through the prize. The application window for all three tracks will open by the end of February. Ahead of that, we're releasing as much information as possible now so you can start thinking about your application and ask us any questions. We suggest you check out all the information on this site, especially the Apply page, and get in touch via the form below.
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?
Check out the Apply page for the full details.
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.
Join the Open Up Challenge mailing list for updates. Let us know in the box below if you have any questions about applying to the Challenge and a member of the team will be in touch to discuss.