The Open Banking for Good (OB4G) challenge is a government-backed scheme aimed at using open banking technology and financial data sharing between financial services companies to develop solutions for the one in four financially squeezed households in the UK - equivalent to 12.7 million people.
The GBP 3 million funding will be injected into firms developing apps that help with debt advice, gig economy, savings, and budgeting. The building society’s scheme establishes partnerships between established fintechs and startups with debt and money charities including Money Advice Trust and Nesta, the innovation foundation.
Winners of the challenge could receive investment and guidance from Nationwide and partners including Accenture and Doteveryone and will look to scale up the ideas and facilitate their launch, potentially to the Building Society’s 15 million members or to the wider market.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now