A NEW competition has been launched to support the UK’s most promising fintech start-ups, which will be delivered as part of the Treasury’s fintech strategy.
Delivered by Tech Nation, an organisation that aims to accelerate the growth of the UK’s tech sector, the programme is open to early-stage fintech companies looking to partner with, sell to, or otherwise work directly with other businesses, large or small.
To qualify, companies need to be between seed and series A stage and be able to demonstrate market success for their product. The programme is aimed at company founders and all activities and sessions will be geared towards founding teams only.
Fintech alumni of Tech Nation’s existing programmes include peer-to-peer lender Zopa, as well as payments firm TransferWise, challenger bank Monzo and online mortgage broker Trussle.
The judges – who include Anne Boden MBE, chief executive of Starling Bank; Anil Stocker, chief executive and co-founder at MarketInvoice; and Imran Gulamhuseinwala, global head of fintech at EY – will be assessing companies from across the country to start the programme in September.
Applicants who make it into the first cohort will be able to spend time with and gain insights from fintech entrepreneurs.
The insight sessions will cover topics such as regulation, sales, partnering with incumbents and international expansion.
The winning applicants will also be introduced to key decision-makers at large financial institutions and investment firms.
The programme will culminate in a trip to the US to give start-ups a feel for the American market, its ecosystem dynamics and investors.
John Glen, economic secretary to the Treasury, said there are hundreds of promising British fintechs on the cusp of becoming the next major disrupter.
“That’s why we launched our fintech sector strategy earlier this year, and why the Tech Nation Fintech programme is so significant. The programme will help to give some of these start-ups a boost to the next stage, and with it, bring innovative new products to market,” he added.
Eileen Burbidge, chair of Tech Nation, the Treasury’s fintech envoy and partner at Passion Capital, who is also one of the judges, said the programme will help some of the UK’s most promising fintech companies to grow and scale.
“The UK is already a world leader in fintech, this programme will help us to maintain that advantage while accelerating the benefits that the sector can bring to the whole economy,” she said.
Applications will open from 13 June to 27 July.