FinTech Scotland Awards £250,000 to Five Innovative Startups to Boost Consumer-Focused Solutions
In a significant boost for financial inclusion, five innovative FinTech startups have each received £50,000 to further their projects aimed at enhancing consumer engagement and financial resilience. This initiative, spearheaded by FinTech Scotland in partnership with the University of Strathclyde and the University of Glasgow, is part of the Consumer Duty Innovation Call, a key component of the Financial Regulation Innovation Lab (FRIL), which is supported by Innovate UK.
Overview of the Consumer Duty Innovation Call
The Consumer Duty Innovation Call aims to enhance financial services by focusing on consumer outcomes. Supported by 14 major financial institutions, this initiative has connected 20 global FinTech companies with industry experts, fostering the development of data-driven solutions. Notable industry players involved include:
- PwC
- NatWest
- Lloyds Banking Group
- Equifax
- Barclays
- Tesco Bank
- TSB
- Advance Credit Union
- Secure Trust Bank
- Dudley Building Society
Selected Startups and Their Innovations
During a pitching event held at PwC’s Glasgow office, five standout startups were chosen to receive funding for their groundbreaking solutions:
- Docstribute: Focuses on enhancing consumer engagement and understanding of complex financial documents.
- Ask Silver: A tool for scam identification and reporting, aimed at protecting vulnerable consumers.
- NestEgg AI: Simplifies access to responsible lenders and affordable credit, promoting financial inclusion.
- MyArk: Utilizes advanced data insights to detect early signs of financial distress, enabling timely interventions.
- Profylr: Provides AI-driven risk and compliance insights to improve decision-making in financial institutions.
Collaboration and Future Impact
These FinTech firms will continue to collaborate with industry leaders through the FRIL program to refine their innovations and ensure measurable consumer impact. The program’s reach has been expanded through a partnership with SuperTech West Midlands, allowing credit unions, building societies, and Community Development Financial Institutions (CDFIs) like Moneyline to participate.
Nicola Anderson, CEO of FinTech Scotland, emphasized the importance of collaboration, stating, “This latest Customer focused Innovation Call highlights the power of collaboration in driving better outcomes for individuals. By bringing together ambitious fintech firms and leading financial institutions, we not only enhance good consumer outcomes but also accelerate the development of inclusive digital financial services.”
Hillary Allen Smyth, executive director at SuperTech, remarked, “We’re proud to have been the first region to collaborate with the FRIL program. The grant awards will undoubtedly help better serve consumers, creating an impact that extends beyond Glasgow.”
For more information on financial innovation, visit the FinTech Scotland website.
