Applications have now closed for Stage 1 (Innovation) of the Open Up Challenge. We’ll be announcing our 20 winning teams soon.
Applications for Stage 2 (Market Ready) will open in January 2018. You don’t need to have participated in Stage 1 to enter Stage 2.
Below is an overview of the prize fund at both Stage 1 and Stage 2. Check back here toward the end of 2017 for more details on the Stage 2 prize.
Prize Fund – Stage 1
- Cash Awards
- Each of our 20 Stage 1 participants has received a £50k up-front development grant, and are competing to share in a £1m reward pot if they’re one of up to ten successful Stage 1 prize winners.
- Exclusive Early-Stage Access to Data
- Stage 1 participants are developing their products with the support of a Data Sandbox, containing one of the largest anonymised UK banking transaction datasets ever released, and APIs aligned with the forthcoming Open Banking standard.
- Expert Support
- Our 20 Stage 1 participants have access to expert support provided by leading practitioners – covering legal and regulatory considerations (Kemp Little), user experience (Mint Digital) and investment readiness (FINTECH Circle) – to help them prepare for the 2018 open banking environment.
Key Dates – Stage 1
- Applications for Stage 1 have now closed.
- 5 July 2017: Stage 1 development grant winners notified.
- 10 July 2017: Open Up Data Sandbox goes live.
- 9 – 30 November 2017: Window for Stage 1 finalists due diligence, including interviews.
- 7 December: Pitching day in London.
- 15 December: Stage 1 prize awards made.