The UK’s fintech sector appears to be going from strength to strength with the announcement of a new £175,000 government-backed competition to find Britain’s “Strongest Entrepreneurial Talent”.

Aptly titled “The Future of FinTech”, IC Tomorrow – part of Innovate UK – is hoping to find pioneering ideas within the fintech field which aim to solve challenges around five identified areas including education, compliance and regulation, cyber security, payment transactions and personal finance.

With backing from some of the worlds leading financial frontrunners such as Lloyds Banking Group and American Express, the competition looks to reward 5 successful startups with up to £35,000 each in order to pilot their ideas and products.

Further well recognized backers include Money Advice Service, RBS, Experian and The Department for Business, Innovation and Skills (BIS).

The competition truly acknowledges the hard work and talents of its entrants with the five winning entrepreneur’s retaining 100% of their intellectual property, as well as invaluable support to take their ideas from conception to commercialisation.

Worth an estimated £20bn to the UK economy as reported by UKTI, The Future of Fintech competition aims to celebrate Britain’s leading position in the rapidly expanding field.

IC tomorrow programme manager, Matt Sansam, commented: “The UK has become a hotbed for financial technology innovation, with many of the world’s fastest growing companies basing themselves here.

“This collaborative contest aims to support and accelerate their growth by providing commercial introductions to industry leaders. It also enables UK-based global players to harness the creativity of start-ups and help bring their ideas to market.”

Entries for the competition close at 12pm on Tuesday 21 April 2015. For more information, visit: http://tinyurl.com/pys9pm8

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