Nationwide Building Society has selected seven fintech companies to create apps that will increase financial capability.
The fintech firms will develop Open Banking-based apps and services to help financially vulnerable people as part of Nationwide’s Open Banking for Good challenge.
The seven companies, which were chosen from more than 50 applicants, are:
Joe Garner, chief executive at Nationwide, said: “While others may be looking at Open Banking through a commercial lens, Open Banking for Good is driven by our social purpose.
“The programme will see us partner with some of the UK’s smartest fintechs, debt charities and academics to use this revolutionary new technology to support people facing financial challenges.
“Our seven chosen fintech applicants will have access to vital insights, funding and data to help them really make a difference.
“This is a great example of working across businesses, charities and government to make a positive difference in society.”
The challenge will be supported by a £3m fund from the building society, while the start-ups will be offered advice from experts at:
- Money Advice Trust
- Citizens Advice
- The Money Charity
- Money and Mental Health Policy Institute
Jeremy Wright, secretary of state for digital, culture, media and sport, said: “By supporting fintechs that are focused on making a positive impact on society, Nationwide’s Open Banking for Good challenge is giving our tech firms the support they need to innovate.
“Technology can make real differences to people's lives across many areas and this is a fantastic example of how to harness tech for a social good.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Shawbrook provides £5.4m facility to fund leisure park purchase
Shawbrook Bank has provided a £5.4m facility to Blue Sky Resorts to fund the purchase of the Spring Willows Leisure Park in Scarborough from the latter’s former landlord...
Tandem to launch financial education programme for young people
Tandem Bank has partnered with social mobility charity Brightside to launch Money Hacks — a dedicated financial education programme — in a local school...
Revolut launches savings platform for friends and family
Revolut has launched Group Vaults, a platform that enables customers to save with family and friends towards a common goal...
TSB announces two leadership appointments
TSB has appointed Robin Bulloch as customer banking director (pictured above) and Suresh Viswanathan as chief operating officer...
Industry reacts to Tesco Bank exiting mortgage market
Tesco Bank announced yesterday (21st May) that it had ceased new mortgage lending...
YellowDog names new CCO amid plans to enter financial services market
YellowDog has named James Stevens as its new chief commercial officer as part of its plans to enter the financial services market in the UK, US and Europe...
Is the UK punching beneath its weight when it comes to fintech?
The UK, and London in particular, has established itself as the world’s most important hub for fintech and an incubator of ideas, talent and capital. We must, therefore, ensure it retains its pre-eminence regardless of what Brexit brings...
Arbuthnot Commercial ABL funds MBI of Bornmore Metals
Arbuthnot Commercial ABL has funded the management buy-in (MBI) of non-ferrous metal stockholder Bornmore Metals...
Tesco Bank ceases new mortgage lending
Tesco Bank has announced that it has ceased new mortgage lending and is actively exploring options to sell its existing mortgage portfolio...
Aldermore grows from 30 to over 1,000 employees since launch
Aldermore has reached its 10-year banking milestone...
Charity Bank reports 43% lending surge in 2018
Charity Bank has revealed that it provided £48.6m to charities and social enterprises in 2018...