Nesta names Open Banking challenge winners

Nesta names Open Banking challenge winners

UK innovation agency Nesta has named Mojo Mortgages, Moneybox, Plum and Wagestream as the winners of its £1.5 million open banking competition.

The 15-month Open Up 2020 Challenge was designed to incentivise open banking innovations that help people better manage their finances.

Since its launch, the Covid-19 pandemic has hit, giving added urgency to effort to help Brits look after their money. Nesta cites a survey showing that more than half of people are currently trying to prepare their finances for another lockdown and four in ten want personalised guidance and support to help them manage their money better.

More than three quarters of people who have already used open banking-enabled apps say they were impressed with how easy the apps are to use and 82% say open banking has improved how they manage their money.

More than 100 firms entered the competition, with 15 making the final to claim £50,000. The four winners have each been awarded a further £150,000.

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Source: Nesta names Open Banking challenge winners