The Open Up Challenge is a £5m challenge prize by Nesta at the forefront of open banking. We're looking for 20 teams who can use open banking APIs to transform how UK small businesses discover, accessThe Open Up Challenge is a £5m challenge prize by Nesta at the forefront of open banking. We're looking for 20 teams who can use open banking APIs to transform how UK small businesses discover, access and use financial services.
Win up to £1m equity-free funding, get access to anonymised real world customer transaction data in our Sandbox, and benefit from on-demand access to world class practitioners covering legal & regulatory, user experience, data security and more.
Applications close 31 May 2017.
For more information, visit openup.challenges.org or contact email@example.com.
The challenge has two stages:
Stage 1 (Innovation) is aimed at ideas that deliver the most benefit to small businesses, and entries can be at an early stage or even just an idea. This stage will take place July – December 2017.
At Stage 2 (Market Ready) we’ll focus on entries that are market-ready. This stage will take place March – September 2018.
The challenge is open to individuals, teams, companies, organisations, partnerships and non-profits. Entrants are not required to be legally constituted to apply for, and participate in, Stage 1 (July-December 2017) of the challenge.
The challenge is open to teams from anywhere in the world; however teams must be able to demonstrate that their solutions are designed to benefit the UK’s small businesses and proposed services should be suitable for launch within the UK market and its regulatory framework.
The challenge welcomes innovative approaches that can use open banking APIs to create game-changing value for small businesses. Entrants must also meeting some basic criteria described below, either directly or through integration or partnerships with third party services.
In Stage 1 (July-December 2017) entries must, at a minimum, facilitate comparison of one of the following products: Business Current Accounts, standard tariff overdrafts and unsecured small business loan products up to a value of £25,000. (Each of these products falls within the scope of the UK open banking standard.)
In Stage 2 (2018) entries will need to facilitate comparison of at least all of the following categories of product: Business Current Accounts, standard tariff overdrafts and unsecured small business loan products up to a value of £25,000.
We are currently accepting applications for Stage 1 of the challenge. You have until 31st May to complete this application form. more