The firms are Openworks, Ducit.ai, Trezeo, Flow, Toucan, Squad and Tully.
Open Banking for Good (OB4G) is aimed to bring organisations and people together to create and scale solutions around Open Banking that will improve financial capability in the UK. It is a collaboration between business, civil society and government departments through the Inclusive Economy Partnership (IEP).
The challenge is supported by a £3m fund from Nationwide. A spokesperson from Nationwide told Mortgage Solutions that the apps and services produced belong to the fintech firms.
But the lender did not address if its products or services would be available through the apps.
The developers will receive access to mentors, to Nationwide and charities trying to fix this problem of vulnerable consumers, to labs to help build and iterate solutions quickly as well as funding to drive development.
The start-ups will be able to draw upon expertise from Nationwide, Money Advice Trust, Citizens Advice, The Money Charity, Money and Mental Health Policy Institute, Accenture, Doteveryone and Nesta.
The programme consists of two paths. The first, Explore and Develop, lasts three months and provides the space for applicants and partners to consider ideas around the challenge before using this insight to develop solutions.
The second, Accelerator, is six months long and is designed to further develop and build out the solutions to become scalable and sustainable.
The challenge will be running up to October 2019.
Help make a difference
Joe Garner, chief executive of Nationwide (pictured), 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.”
Secretary of State for digital, culture, media and sport, Jeremy Wright, 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.”
Nationwide programme leader Rachael Sinclair added: “Nationwide is delighted to be working with our partners and our chosen applicants on Open Banking for Good. The challenge will see us address some of the biggest issues affecting those who are financially squeezed and get solutions into the hands of those who will benefit most from them.”