FinTech Scotland awards five startups £50,000 each to drive consumer-focused innovation

February 24, 2025

Five FinTech startups have each been awarded £50,000 to advance innovations that enhance financial inclusion, strengthen financial resilience, and improve consumer engagement in financial services.

FinTech Scotland, in collaboration with the University of Strathclyde and the University of Glasgow, announced the latest recipients of the Consumer Duty Innovation Call, part of the Financial Regulation Innovation Lab (FRIL), an accelerator funded by Innovate UK.

The initiative was backed by 14 major financial institutions and connected 20 global FinTechs with industry experts to develop data-driven solutions that drive positive consumer outcomes. Among the industry leaders involved were PwC, NatWest, Lloyds Banking Group, Equifax, Barclays, Tesco Bank, TSB, Advance Credit Union, Secure Trust Bank, and Dudley Building Society.

Finalists showcased their solutions during a pitching event at PwC’s Glasgow offices in January, where five standout firms were selected to receive funding:

Docstribute – Enhancing consumer engagement and comprehension of complex financial documents.
Ask Silver – A scam identification and reporting tool designed to protect vulnerable consumers.
NestEgg AI – Promoting financial inclusion by simplifying access to responsible lenders and affordable credit.
MyArk – Using advanced data insights to detect early signs of financial distress, facilitating timely interventions.
Profylr – Providing AI-driven risk and compliance insights to enhance decision-making in financial institutions.

These FinTechs will continue collaborating with industry leaders within the FRIL programme to refine their solutions and drive measurable consumer impact.

The programme expanded its reach through a partnership with SuperTech West Midlands, allowing credit unions, building societies, and Community Development Financial Institutions (CDFIs) such as Moneyline, to participate.

Nicola Anderson, CEO of FinTech Scotland, said: “This latest Customer focused Innovation Call highlights the power of collaboration in driving better outcomes for individuals. By bringing together ambitious fintech firms and leading financial institutions, not only enhances good consumer outcomes—it accelerates development of inclusive digital financial services and supports the evolution of the future digital economy.”

Hillary Allen Smyth, executive director at SuperTech, said: “We’re so proud to have been the first region to collaborate with the FRIL programme and the team at FinTech Scotland. All of our West Midlands partners have gained enormously throughout the innovation call and these grant awards will undoubtedly help to better serve consumers. But they are only a small part of the wider programme impact and through this collaboration, it’s an impact that will be felt far beyond Glasgow’s borders.”