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:

• Openwrks
• Ducit.ai
• Trezeo
• Flow
• Toucan
• Squad
• Tully
   

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:

• Nationwide
• Money Advice Trust
• Citizens Advice
• The Money Charity
• Money and Mental Health Policy Institute
• Accenture
• Doteveryone
• Nesta
   

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.”