Introduction

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. The information below has been retained for reference.


Timeline

  • Applications Opened

  • Applications Closed

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

  • Assessment

    Judges and external partners review applications.

  • Finalist Teams Announced

    £100k grants awarded to 10-12 Finalist teams.

  • Product Development

    Finalists work on their products and services.

  • Assessment

    Finalist teams undergo assessment interviews.

  • Pitching Day

    Finalist teams pitch to the Judges on the same day. If your team is based outside London, we'll cover reasonable travel costs (pre-agreed with the Challenge) for up to two team members travelling long distances.


Prize Fund

The Judges will: 

  • award 10 to 12 Finalist Grants; each Grant will be £100k
  • award five to six Prize Awards to Finalists; each Award will be at least £200k

You may apply to more than one track, but each application must be for a clearly distinct product relevant to the particular track. For each distinct product, you may apply for one (and only one) of the three prize tracks: the Business Current Account (BCA) Track, the Credit Track or the New Frontiers Track. The Judges will accept at most one of your products onto the prize.

BCA Track

  • At least three teams will be awarded Finalist Grants.
  • Of these Finalists, at least one team will receive a Prize Award.

Credit Track

  • At least three teams will be awarded Finalist Grants.
  • Of these Finalists, at least one team will receive a Prize Award.

New Frontiers Track

  • At least two teams will be awarded Finalist Grants.
  • Of these Finalists, at least one team will receive a Prize Award.

Special Note

  • At least three Prize Awards will be awarded across the BCA and Credit tracks.
  • At least one Finalist Grant and at least one Prize Award will be awarded to a product or service enabling comparison of overdrafts.


Eligibility Criteria

BCA, Credit & New Frontiers - Common Criteria

  • Applicants must be a legally incorporated entity at the time of application. Joint applications from more than one legally incorporated entity will be accepted, but you will be required to select a lead organisation. Applications from individuals or teams that are not legally incorporated entities will not be accepted. 
  • Applicants from anywhere in the world are welcome to participate, but you must be able to demonstrate that your product or service will benefit UK small businesses with an annual turnover of less than £6.5m (this is per the Competition & Market Authority’s Retail Banking Market Investigation Order - see 10.7 on page 21). Your product or service may also benefit UK businesses with a turnover greater than £6.5m.
  • If your application to the Challenge is successful, your Finalist Grant and, if applicable, your Prize Award will be paid into a UK bank account. 
  • Your product or service does not have to be live in the market at the time of your application. However, a version of your product or service should be live in the market by the time you are assessed for a Prize Award in November 2018. The Judges will be looking for good evidence of product/market fit by the time you are assessed in November.
  • If your product or service does not directly serve UK small businesses (as described above) - for example, B2B2C services - it will need to enable products or services that are themselves directly serving UK small businesses.
  • You should have, or be able to acquire in a timely fashion, any regulatory permissions you'll need to deliver your product or service to UK small businesses. For example we expect that for some applicants this may include becoming a registered account information service provider.
  • You may submit more than one application, but each application must be for a clearly distinct product. For each distinct product, you may apply for one (and only one) of the three prize tracks: the Business Current Account (BCA) Track, the Credit Track or the New Frontiers Track. The Judges will accept at most one of your products onto the prize.
  • If you are accepted as a participant in the prize, you won't be permitted to change the track you chose for your product under any circumstances. Judges will award prizes to participants within each track based on the Assessment Criteria for the corresponding track.

BCA Track - Special Criteria

  • If you choose this track, your product or service must at a minimum enable comparison of Business Current Accounts, including those of the eight banks subject to relevant parts of the CMA Order (Barclays, HSBC, Lloyds Banking Group, RBS, Santander, AIB Group (UK) p.l.c, Bank of Ireland UK and Danske Bank).
  • Your product or service is likely to use your small business users' actual current account transaction data when comparing BCAs. 
  • Products or services in this track that also enable comparison of business overdrafts will be looked on favourably. Across all three tracks, at least one Finalist Grant and at least one Prize Award will be awarded to a product or service enabling comparison of overdrafts. However, inclusion of overdraft comparison is not a precondition for participation in the BCA track.

Credit Track - Special Criteria

  • If you choose this track, your product or service must at a minimum enable comparison of unsecured loans up to £25,000 in value, including those of the eight banks subject to relevant parts of the CMA Order (Barclays, HSBC, Lloyds Banking Group, RBS, Santander, AIB Group (UK) p.l.c, Bank of Ireland UK and Danske Bank).
  • Products or services in this track that also enable comparison of business overdrafts will be looked on favourably. Across all three tracks, at least one Finalist Grant and at least one Prize Award will be awarded to a product or service enabling comparison of overdrafts. However, inclusion of overdraft comparison is not a precondition for participation in the BCA Track.

New Frontiers Track - Special Criteria

  • We are open to a diverse range of products and services in this track.
  • Your product or service should help small businesses unlock value from their financial data.
  • Products or services that promote competition in the wider small business banking market consistent with the aims of the CMA Order. (NB: The wording "will be looked on favourably" was removed from the end of this criterion on 14 March 2018).

Conflicts of Interest

As part of the application process applicants must complete a conflicts of interest declaration to identify any actual and potential conflicts of interest.
 
Potential sources of conflict include relationships (including financial relationships) with organisations or individuals involved in the funding or delivery of the Challenge. Investment from, investment in, or a significant commercial relationship with any of the following will need to be declared by applicants:

  • Nesta
  • Funding banks (Barclays, HSBC, Lloyds Banking Group, RBS, Santander, AIB Group (UK) p.l.c, Bank of Ireland UK and Danske Bank)
  • Individuals or organisations involved in delivery of the Challenge
  • Prize Committee members
  • Judging Panel members

The following groups may not apply to or participate in the Challenge:

  • Nesta employees
  • Employees of funding banks (Barclays, HSBC, Lloyds Banking Group, RBS, Santander, AIB Group (UK) p.l.c, Bank of Ireland UK and Danske Bank) and / or employees of funding bank subsidiaries. (NB: the wording "and/or employees of funding bank subsidiaries" was added to this criterion on 14 March 2018).
  • Members of the Prize Committee or Judging Panel, and (in each case) their immediate families, spouses, civil partners, unmarried partners or business partners. 


Assessment Criteria

BCA Track

You can find all the assessment criteria for the BCA Track in this board.

Credit Track

You can find all the assessment criteria for the Credit Track in this board.

New Frontiers Track

You can find all the assessment criteria for the New Frontiers Track in this board.


Assessment Process

Selecting Finalists

Applications are now closed for the 2018 round of the Challenge. The Judging Panel will select 10 to 12 Finalist teams, who will be informed by the end of the June. The Judging Panel’s decision is final and binding. Nesta and the Judges shall not be obliged to provide feedback. 

A notice for those those who applied to the Challenge: 

If the Judges wish to clarify something in your application form, you’ll receive their question(s) by start of business Friday 8 June. Being asked to answer clarifying questions (or not being asked) is not indicative of your chances of success. You’ll have until midday Monday 11 June to answer these questions by email. 

Selecting Winners

  • If you're one of the Finalists, you'll receive the first half of your grant within a few weeks. The grant is intended to help you work on a product or service relevant to the track you entered at the start of the prize.
  • You'll receive the second half of your grant in or around September. We'll check in with you before releasing the second half of your grant. Money may be withheld if: you are no longer working on a product or service relevant to the track you entered at the start of the prize; it is looking unlikely that you will be able to bring a version of your product or service to market by November 2018; or you have breached any terms of the prize agreements (see 'What agreements will we need to sign?' in the FAQs below).
  • Between mid September and mid October, you'll be asked to complete some assessment interviews with an outside assessment partner. We'll provide more details about what this involves ahead of the interviews (we'll limit the demands on your time as far as possible).
  • You'll pitch to the Judges in London on 14 November. We'll provide more details about what this involves ahead of the pitches. The Judging Panel (and only the Judging Panel) will award all Prize Awards.
  • The Judges will deliberate after hearing all the pitches and select five or six Prize Winners. The Judging Panel’s decision is final and binding. Nesta and the Judges shall not be obliged to provide feedback. 
  • We intend to announce Prize Winners as soon as possible after these have been identified by the Judging Panel.


Financial, Legal & Background Reviews

Our external partners will undertake financial health reviews, legal and regulatory reviews, and background checks. Their purpose is to identify any red flags that should be brought to the attention of the Judges. The Judges will have the final say. 

  • Financial health reviews will consider whether there are financial reasons you may not be able to roll out your product in 2018 and beyond.
  • Legal and regulatory reviews will consider whether there is reason to believe your business will not receive any necessary regulatory approvals, or will be vulnerable to substantial legal risk for which it is not prepared.
  • Background checks will be used to confirm that there are no reasons why an applicant's involvement in the Challenge would harm the reputation of the Open Up Challenge or Nesta.

If necessary, we may follow up by email for further clarity on applicants' responses.

For a list of external partners, see the FAQ 'Who will see the information we submit as part of our application?'.


Terms & Conditions

The terms and conditions can be downloaded here.


Application Form

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


FAQs

Prize Structure

What's the difference between the BCA, Credit and New Frontiers Tracks?
The Open Up Challenge (2018) is a £2.5m prize fund split into three tracks. The purpose of each track is as follows:

  • the BCA Track is for teams whose products/services will promote competition in the market for business current accounts, by helping small businesses find and compare business current accounts that best meet their individual needs and circumstances;
  • the Credit Track is for teams whose products/services will promote competition in the market for small business loans less than £25k, by helping small businesses find and compare loans that meet their individual needs and circumstances;
  • the New Frontiers Track is for teams whose products/services will create value for small businesses and more generally promote competition in the markets for business current accounts, unsecured credit and financial automation and financial intelligence tools.

How does our choice of track affect how we'll be assessed?
You'll be assessed based on your progress and performance relative to the Assessment Criteria for your chosen track. The Judges will not consider criteria from outside your track when assessing your application for a Finalist Grant. Likewise, should you be accepted as a Finalist, the Judges will not consider criteria from outside your track when assessing you for a Prize Award.

Do we need to show evidence of market traction in 2018?
Here's the key assessment criterion (applicable to all three tracks): 

"A version of your product or service should be live in the market by the time you are assessed in November 2018. The Judges will be looking for good evidence of product/market fit by the time you are assessed in November. At that time, all else equal the greater the adoption of the product by small businesses, the better. For now, it's okay to only be describing estimates and plans."

We suggest you keep the following in mind:

  • To be awarded a Finalist Grant (May/June): you'll need to convince the Judges that you'll be able to demonstrate market traction by November. All else equal the Judges will look favourably upon applicants who can point to existing user uptake. If you don't have evidence of existing user uptake, but you can make a compelling case you'll have evidence of traction by November 2018 and will create substantial value for UK small businesses, we still encourage you to apply.
  • To be awarded a Prize Award (November): you'll need to show the Judges evidence of market traction. All else equal the Judges will look favourably upon Finalists with greater market traction come November.
  • The criteria state "all else equal" because, for example, the Judging Panel may choose to trade off market traction today vs. potential long term impact. We expect this to be particularly relevant in the New Frontiers category. In that case the Panel will be looking for convincing evidence of potential long term impact.

See the BCACredit and New Frontiers boards for a complete picture of the Assessment Criteria.

How many teams will compete in each track?
The exact number of Finalists competing in each track can vary, but altogether (across the entire prize) 10 to 12 Finalist Grants will be awarded. From these 10 to 12 Finalist teams, five or six teams will receive Prize Awards (but again, the exact number of Prize Awards made in each track can vary). See Prize Fund for the full details.

Is there a track for business overdrafts?
No, but any team delivering comparison of business overdrafts will be looked on favourably.

When do we have to choose a track?
You must identify your track on your application form when applying to the Challenge.

Can we change track during the Challenge?
No. You'll be assessed based on your progress relative to the track you selected at the outset of the the Challenge.

Why has the prize been structured in this way?
In structuring the prize, we’ve kept a few objectives and principles in mind:

  • We’ll fulfil the terms of the Competition & Market Authority’s Retail Banking Market Investigation Order, which provides the foundation for the Open Up Challenge. See Part 10 (page 48) of the Order for more on what is expected of the Challenge.
  • We’ll promote competition and innovation in the markets for business current accounts, unsecured credit and financial automation and financial intelligence tools.
  • We’ll provide the Judging Panel with flexibility to exercise their expert judgement in a way that promotes the Challenge’s objectives.

We’ll support a broad range of teams and provide meaningful Finalist Grants and Prize Awards.

Prize Fund

How much money can we win?
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. Altogether Finalist Grants will be awarded to 10 to 12 teams. Five or six of the Finalist teams will receive Prize Awards worth at least £200k each.

  • In the BCA Track, the Judges will award at least three Finalist Grants and at least one Prize Award.
  • In the Credit Track, the Judges will award at least three Finalist Grants and at least one Prize Award.
  • In the New Frontiers Track, the Judges will award at least two Finalist Grants and at least one Prize Award.

Will we receive the money all at once?
If you're selected by our Judging Panel as a Finalist, you'll receive the first half of your Finalist Grant upon being accepted onto the Challenge. You'll receive the second half of your Grant mid-way through the Challenge subject to your compliance with the Open Up Challenge Terms & Conditions and any other conditions we have agreed. Judges will consider the financial health of applicants in deciding whether to accept them on to the Challenge. If you're selected by our Judging Panel as a Prize Winner, you'll receive payment of your Prize Award in full, subject to you entering into an agreement with Nesta setting out the terms and conditions of the Prize Award. No payments will be made to businesses subject to insolvency procedures.

Do you take any equity?
No.

Do you take any intellectual property?
No.

Can you reclaim the Finalist Grant or Prize Award under any circumstances?
Only if we have to. Our aim is to provide you with as much flexibility as possible about how you use your Finalist Grant and Prize Award money, whilst still ensuring it is used for purposes consistent with the aims of the Challenge. See ‘What agreements will we need to sign?’ in these FAQs.

Access to Data

Will we get access to any data to help with our product development?
The CMA Order, which creates the legal basis for the Challenge, requires that: 

"[Barclays, HSBC, Lloyds Banking Group, RBS and Santander] shall provide to Nesta or its agents samples of anonymised BCA customer transaction data reasonably necessary for use by entrants [to the Challenge]".

We're working with these five banks to secure access to a unique dataset for Challenge participants, to help them to develop their services and bring them to market. We want the data to be as useful as possible for participants, and readily accessible to them all.

We're making good progress and expect the data to be a combination of large samples of (1) anonymised and (2) synthetic business current account transaction data, consistent with the UK's open banking standard. The synthetic data will retain important features of the underlying real customer data from which it is derived. This dataset will only be available to Challenge participants.

We will update this website as and when we have more information.

Eligibility

Does our product or service need to be live in the market when we apply?
See 'Do we need to show evidence of market traction in 2018?' in the FAQs above.

If we enter the BCA or Credit track, can our comparison solution be part of a wider product or service?
Yes. In fact, we encourage such products/services.

As a participant in the BCA or Credit track, your product or service might be: a feature integrated into a broader mobile or web application that solves other problems for small businesses; dedicated comparison website or product marketplace; or the back-end of a comparison engine that other developers can plug into their small business facing application.

However you approach the Challenge, you'll need to persuade the Judges that your product or service best satisfies our Assessment Criteria for your chosen track.

If we enter the BCA or Credit track, do we have to build the 'engine' powering our comparison service ourselves, or can we use a white-label or open source solution?
You are welcome to use a white-label or open source 'engine' to power your comparison service. However you approach the Challenge, you'll need to persuade the Judges that your product or service best satisfies our Assessment Criteria for your chosen track.

If we enter the BCA or Credit track, do we need to interact with small businesses directly, or can we focus on building an 'engine' that will power other parties' comparison services?
You are welcome to focus on developing an 'engine' to power other comparison services. Teams in this position who intend to open source their engine may be looked on favourably. However you approach the Challenge, you'll need to persuade the Judges that your product or service best satisfies our Assessment Criteria for your chosen track.

If we enter the New Frontiers Track, do we still need to be providing some sort of comparison solution?
No. We are looking for a mix of applicants in this track whose products/services will deliver radical value for small businesses and more generally promote competition in the markets for business current accounts, unsecured credit, financial automation tools or financial intelligence tools.

If we enter the New Frontiers Track, do we need to interact with small businesses directly?
You are welcome to focus on developing back-end solutions that power other applications which do interact with small businesses directly. However you approach the Challenge, you'll need to persuade the Judges that your product or service best satisfies our Assessment Criteria for your chosen track.

What is the impact on eligibility and assessment if a funding bank (Barclays, HSBC, Lloyds Banking Group, RBS, Santander, AIB Group (UK) p.l.c, Bank of Ireland UK and Danske Bank) invests in my company?

The CMA's investigation into the UK retail banking market found adverse effects on competition including in relation to Business Current Accounts and SME lending. The Open Up Challenge forms part of the CMA Order designed to remedy these adverse effects on competition and resulting customer detriment.

Eligibility:

  • The Eligibility criteria states "Employees of funding banks and / or employees of funding bank subsidiaries may not apply to or participate in the Challenge"
  • Following from this, if a funding bank has or acquires a majority or controlling interest in your company, you are ineligible for the Open Up Challenge.
  • If a funding bank has or acquires a minority investment in your company, this will not render you per se ineligible for the Open Up Challenge. You must declare this relationship as a potential conflict of interest. 

Assessment:

  • In each track, Judges will favour products that "are (and are likely to remain) independent of banks subject to the CMA Order". If you have (or are intending to take on) investment from a funding bank, we recommend you explain in your application how this is consistent with your current and continuing independence from that bank. Therefore, Judges are less likely to select companies intending to be sold to a funding bank. 

What is the impact on eligibility and assessment if I have an exclusive distribution deal with a funding bank (Barclays, HSBC, Lloyds Banking Group, RBS, Santander, AIB Group (UK) p.l.c, Bank of Ireland UK and Danske Bank)? 

The CMA's investigation into the UK retail banking market found adverse effects on competition including in relation to Business Current Accounts and SME lending. The Open Up Challenge forms part of the CMA Order designed to remedy these adverse effects on competition and resulting customer detriment.

Eligibility: 

  • BCA track - You will still be eligible for the Open Up Challenge if you have an exclusive distribution deal with a funding bank but are able to meet the BCA Comparison track eligibility criteria: "...your product or service must at a minimum enable comparison of Business Current Accounts, including those of the eight banks subject to relevant parts of the CMA Order (Barclays, HSBC, Lloyds Banking Group, RBS, Santander, AIB Group (UK) p.l.c, Bank of Ireland UK and Danske Bank)".
  • Credit track - You will still be eligible for the Open Up Challenge if you have an exclusive distribution deal with a funding bank but are able to meet the Credit track eligibility criteria: "...your product or service must at a minimum enable comparison of unsecured loans up to £25,000 in value, including those of the eight banks subject to relevant parts of the CMA Order (Barclays, HSBC, Lloyds Banking Group, RBS, Santander, AIB Group (UK) p.l.c, Bank of Ireland UK and Danske Bank)".
  • New Frontiers track - you will still be eligible for the Open Up Challenge if you have an exclusive distribution deal with a funding bank, but are able to meet the New Frontiers track eligibility criteria: "Products and services that promote competition in the wider small business banking market consistent with the aims of the CMA Order".
  • In all cases if you are in this situation we recommend you explain in your application how this is consistent with your current and continuing independence from the bank with which you have an exclusive distribution deal.

Do we have to be a legally incorporated entity to apply?
Yes. We're not accepting applications from teams or individuals operating outside of legally incorporated entities.

Do we have to start a company in the UK to be eligible for the cash?
No. But you must demonstrate your commitment to serving UK small businesses beyond the lifetime of the Challenge, and Finalist Grants and Prize Awards will only be paid into UK bank accounts.

Do we have to be UK citizens?
No.

We’re not a startup, should we apply?
Yes. Applications from startups and more mature businesses are welcome, provided you comply with the Eligibility Criteria.

We’re a challenger bank, can we still apply?
Yes, so long as you meet the Eligibility Criteria.

We’ve been backed by one of the banks funding the Challenge. Can we still apply?
You will need to declare this to ensure this doesn’t create significant conflicts of interest. See ‘What agreements will we need to sign?’ in these FAQs.

Can we create a new team specifically to enter the Challenge?
Yes but applications will only be accepted from organisations that are legally incorporated at the time of application. 

Our team has two ideas. Can we submit two applications?
You may submit more than one application, but each application must be for a clearly distinct product. For each distinct product, you may apply for one (and only one) of the three prize tracks: the Business Current Account (BCA) Track, the Credit Track or the New Frontiers Track. The Judges will accept at most one of your products onto the prize.

Within the New Frontiers Track, will you fund multiple teams working on the same idea?
We are not ruling this out, but the number of Finalist places in this track is limited. Our Judges will decide which Finalists to accept. The Judging Panel’s decision is final and binding. Nesta and the Judges shall not be obliged to provide feedback. 

We have entered (or are considering entering) our product or service into another competition; can we submit the same proposition to this competition?
Yes you can enter the Challenge even if you have submitted your product or service to another competition. Please make sure you provide relevant and specific answers to the entry questions for the Challenge. The other competition may have rules about you entering your idea in more than one competition. Please check this before you enter this competition.

Application Process

How do we apply?
You'll need to complete an application form to apply for the Challenge. We estimate the form will take your team about a day to complete.

What agreements will we need to sign?
On the application form, you’ll be asked to confirm that you meet the Eligibility Criteria, comply with the Terms & Conditions and have declared any conflicts of interest.

If you are awarded a Finalist Grant, you’ll be required to sign a Grant Agreement. If you are awarded a Prize Award, you’ll be required to sign a Prize Award Agreement.

Will you undertake background checks? 
Yes. Our external partners will undertake financial health reviews, legal and regulatory reviews, and background checks. Their purpose is to identify any red flags that should be brought to the attention of the Judges. The Judges will have the final say. See the Financial, Legal & Regulatory and Background Reviews section, the Terms & Conditions, and the FAQ immediately below.

Who will see the information we submit as part of our application?
Your application information will be shared on a confidential basis with BDO, Kemp Little (who will see anonymized responses), KPMG and McKinsey & Company to assist the judges in their assessment of the applicants. The Judges will have the final say. 

The Judges will receive access to all information you submit as part of your application, advisory notes from our external assessment partners and any other relevant information surfaced during the background checks. You can see a list of the Judges here.

For more details, see the Terms & Conditions.

What happens if we submit a late application?
We will not accept late applications. You have until 23:59 GMT on 4 May to submit your completed application form.

How will you handle our data?
Our use of your data is set out in our Terms & Conditions. Please also check our Privacy Policy and Terms of Use

Will you sign an NDA? How do we know you won't steal our idea?
Nesta will not sign an NDA and we will not steal your idea. All Judges and external partners have contracts in place with Nesta which include confidentiality provisions. 

I've spoken with the Open Up Challenge team about my entry. Will you pass on information to the Judges?
The Judges will deliberate with full independence. They will assess your entry based on your completed application form and the Assessment Criteria. Don't assume that anything you've told us will make it to the Judges. Include all your strongest points in your application form.

When will the Finalists be announced?
By the end of June.

How will Finalists be assessed for Prize Awards?
Between mid September and mid October, Finalist teams will be asked to complete some assessment interviews with an outside assessment partner. We'll provide more details about what this involves ahead of the interviews (we'll limit the demands on your time as far as possible).

Finalists will pitch to the Judges in London on 14 November.  We'll provide more details about what this involves ahead of the pitches (again, we'll limit the demands on your time as far as possible).

How much time do we need to give to the Challenge if we're accepted as a Finalist team?
We don’t specify a minimum or maximum amount of time that teams should dedicate to the Challenge. The Judges will be looking for evidence of your progress and will assess your product or service against the Assessment Criteria for your track.

You'll need to commit to pitching to the Judging Panel on 14 November 2018.

You'll need to complete all your assessment interviews ahead of pitching day.

Over the course of the Challenge there will be the occasional mandatory event, but most will be optional. We hope you will do your best to attend because you’ll find them useful. We appreciate that sometimes this may be more difficult for non-UK based teams. If your team is based outside London, we'll cover reasonable travel costs (pre-agreed with the Challenge) for up to two team members travelling long distances.

When will the Prize Winners be announced?
We intend to announce Prize Winners as soon as possible after these have been identified by the Judging Panel.

Other

What is Nesta and why are they running this?
Nesta is a global innovation foundation. You can read more about Nesta and the background to the prize here.

Who's funding the Challenge?
The Open Up Challenge is run independently by Nesta, with backing from the Competition & Markets Authority and funding from eight of the UK’s largest providers of SME banking - Barclays, HSBC, Lloyds Banking Group, RBS, Santander, AIB Group (UK) p.l.c, Bank of Ireland UK and Danske Bank. For more information, see Section 10 of the CMA’s Retail Banking Market Investigation Order.

What’s 'Open Banking Limited'?
Open Banking Limited is the delivery body responsible for developing the open banking API standards and frameworks. Its work will be led by a Steering Group and informed by Advisory Groups. There are opportunities to get involved in the Advisory Groups if you wish to. The Open Up Challenge is not the same as Open Banking Limited, but we are in regular communication.