Chancellor Philip Hammond announced the ‘Rent Recognition Challenge’ in last year’s Budget, with an aim to find solutions that helps renters use their data to support their credit rating.

John Glen, economic secretary to the Treasury, yesterday named six winners in a speech to the Innovate Finance Global Summit:

• Bud – a financial network allowing users to interact with all their finances in one place;
• Canopy – a deposit-free renting service
• Credit Ladder – the UK’s first tenant rent reporting service for the private rental sector
• META Labs – who focus on harnessing digital data to support decision making
• Movem – a digital passport for tenant referencing
• RentalStep – a rental platform helping tenants boost their credit scores

These firms will have access to initial funding to turn proposals into workable products.

Judges will then pick out the teams who will receive further funding and support to bring the idea to market, with development set to finish later this year.

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Glen said: “My priority is to ensure that fintech continues to function in a way that works for all – and delivers benefits across society, as a force for positive change right across the UK.

“Fintech has enormous potential to transform financial inclusion through the democratic power of information and universal connectivity.”

He added: “Millions of families living in rented accommodation in Britain today are not getting access to credit.

“That is because, currently, a history of meeting your rent payments on time is not reflected in your credit score, and is not taken into account when you come to apply for a loan, such as a mortgage.”