Businesses could win up to £35,000 to develop their financial technology ideas and work with top financial firms such as Accenture, American Express, Experian and Lloyds Banking Group in the process.

Government-backed Innovate UK (formerly the Technology Strategy Board) is looking to fund digital ideas with “commercial potential” that address five key challenges in the financial sector.

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The challenges include personal financial management, with the opportunity to partner with money advice service Experian; and cyber security, which offers the chance to work with the Department for Business, Innovation and Skills.

In addition, the consumer financial literacy challenge will lead to working with Lloyds Banking Group; and the hyper-local transactions competition offers the opportunity to work with American Express. Also, the compliance and regulation challenge will lead to partnering with consulting firm Accenture.

Successful applicants working with industry partners will allow them to trial their proposed solutions, said Innovate UK, and give them support and advice on how to get their innovations to market quicker.

The competition opens on 2 March and the deadline for submissions is 22 April. There will be briefing events for potential applicants in London, Cardiff, Edinburgh and Belfast before the deadline for submissions is reached. 

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