More than 100 fintechs applied to participate in UKs Open Up 2020 Challenge

The companies will be competing to tap into the evolving Open Banking economy and a chance to win a GBP 1.5 million prize fund.

Managed by Nesta Challenges through a partnership with the Open Banking Implementation Entity (OBIE), the Open Up competition is requesting local fintech companies to help the UK’s residents in using Open Banking services.

Recommended areas of investigation include current account comparison tools, ways to help account holders use overdraft services that are not managed by their banks, robo financial management services, and micro-savings.

A panel of judges from the Alan Turing Institute, Bank of England, Citizens Advice, and the OBIE will select 15 finalists from 107 competition participants.

Only 12 of the 15 finalists will receive GBP 50,000 each. Three to four winning teams will get GBP 300,000 each and their products will be promoted through a national digital awareness campaign.