UK banks to support Small Businesses growth with new innovation challenge.
Written By: Mickael Paris
– 2 min read
FinTech Scotland Recognised as Leading Fintech Cluster Management Organisation in Europe
FinTech Scotland and Smart Data Foundry have joined forces to launch a UK Fintech innovation challenge in collaboration with some of the leading UK banks.
This innovation challenge seeks to find innovative solutions that will support and strengthen the relationships between Financial Institutions and their SME clients. Successful applicants will be able to access a prize of up to £50,000 to help develop their ideas and support taking them to market.
This challenge offers a unique opportunity for participants to present their ideas to industry leaders, as well as engage with experts in data, technology, and fintech. This exposure will allow innovators to gain valuable insights, receive expert guidance, and enter potential collaborations, maximising the chances of success for their projects.
One of the key features of this challenge is the provision of SME synthetic data* by Smart Data Foundry. It will enable FinTechs to thoroughly test and refine their innovations, ensuring the development of robust and effective solutions that address the real needs of small businesses.
Thanks to the support from the Strength in Places UK Research and Innovation Grant, substantial funding will be offered to promising projects arising from the challenge. This funding will provide the necessary resources for entrepreneurs and innovators to develop and implement their ideas which will support small businesses towards sustainable growth and prosperity.
This challenge aims to provide essential support to address the strategic and operational needs of small businesses in Scotland and the UK in a post-COVID business environment.
Banks hold vast amounts of data about their SME clients. Unlocking the power of this data can help small businesses to become even more resilient and promote financial well-being, allowing them to flourish, grow and achieve sustainable and successful commercial futures.
Supported by NatWest Group and Virgin Money, this Fintech themed innovation call looks to attract creative and innovative ideas for data-led solutions to solve this multi-faceted challenge that will ultimately benefit SMEs across the UK.
This follows recommendations laid out in the Research and Innovation roadmap published by FinTech Scotland in March 2022 which highlighted the opportunity to drive innovation in support of SMEs across various sectors.