Innovation fund Nesta has supported 20 FinTech companies with a £50,000 grant to each of them.
The Open Up Challenge is offering UK SMEs the chance to win funding through its two- stage challenge. The first stage is for innovation, with 20 companies winning a £50,000 grant and then later this year ten companies will be chosen to receive another investment of at least £50,000.
Stage two of the challenge will take place next year and is for market ready companies. From the applications five companies will be chosen and receive rewards from a $500,000 pot. At the end of the year three of the companies will be awarded with capital from a £2m pool.
Business current account Tide was one of the companies to pick up the grant. The platform has no monthly fees, but instead has a 20p charge per bank transfer and a £1 charge for ATM withdrawals.
SME credit facility iwoca was another company involved in the funding round. The company gives companies access to capital between £1,000 and £100,000 through its online platform, within hours.
Other companies picking up the grant included risk mitigatory DueDil. automated financial assistant Fractal Labs and API system Teller.
The full list of companies that were part of the £50,000 grant.
- Credit Data Research
- Funding Options
- Funding Xchange
- Growth Street
Data and financial management
- Beyond Labs
- Handle by Bizfitech
- Ormsby Street
Banking and payment providers
- Bud Financial
- Fractal Labs
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