A prize to unlock the power of open banking for UK consumers

We’re looking for products and apps that use open banking to help people better manage their money through more transparent, accessible and fair products. This includes:

Personal current account comparison that supports ‘unbundling’ and easy switching to a different account provider
Helping people use an overdraft provider that is not their bank and avoid expensive, unexpected fees (‘unbundling’ of overdrafts from personal current accounts)
Automated/‘robo’ financial management to help build savings buffers and manage debt
Widening access to affordable credit including alternative lending options and innovations in credit scoring
Boosting earnings on savings, including high balance sweeping so people earn interest on their credit balance
Micro-payments towards savings

“Open banking is the biggest change in this sector since online banking and, with millions of people across the country struggling to keep on top of their finances, now is the time to ensure genuinely helpful products and services are able to come to market." Chris Gorst, Head of Better Markets team at Nesta Challenges"

This list is in no way exhaustive and we will be looking for innovative applications that use open banking to tackle a wide range of personal finance-related problems and opportunities.

Social impact is important to us so we have a special focus on ground-breaking apps and products that serve those who are financially excluded.

Key dates: Open Up 2020 will run from November 2019 to July 2020. Applications are open now, and close on 2 October 2019. If your app or fintech product is selected, you will receive up to £300,000, equity-free, plus a powerful programme of non-financial and marketing support.