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IC Tomorrow has selected the winners of its most recent fintech innovation startup competition.
The digital hub, part of Innovate UK, selected five startups from the financial technology sector to receive up to £35,000 each to deliver technology that solves real-world problems.
“Fintech is one of the most exciting sectors in the UK at the moment. Last year, it contributed an estimated £20bn to our economy. It is vital that we support this growth if Britain is to remain a global leader,” said Matt Sansam, programme manager for IC Tomorrow.
“The calibre of startups that applied to this contest was high across the board, and we look forward to following the winners throughout their pre-commercial trials. We aim to position the UK at the forefront of innovation by building relationships between digital communities and the biggest industry players, and give talented entrepreneurs the opportunities they deserve.”
Startups pitched to panels of judges under five different categories: Personal finance management, cyber security, consumer finance literacy, hyper-local transactions, and compliance and regulation.
Each of these categories saw several startups present their pitches, with each of the technologies proposing to solve real-world problems in these categories.
The categories were headed by competition partners, including Lloyds Banking Group, Experian, Money Advice Service, RBS Group, the Department for Business, Innovation and Skills (BIS), American Express and Accenture, which offered guidance to the startups involved.
The five winners were personal finance management app Squirrel; authentication technology Tento; personalised saving tool Swave; Bubal, a click-and-collect application for small local businesses; and Mentat’s machine learning platform for preventing money laundering.
Ed Vaizey MP highlighted the need for technologies that solve real-world problems, with a focus on cyber security – the category supported by BIS.
“The UK’s digital economy is strong and leading the way in the use of technology, online commerce and digital services. Cyber security is therefore vital and something we take extremely seriously, which is why we have invested £860m over five years in the National Cyber Security Programme.” he said.