On Wednesday, Tech City UK’s Fintech For All competition took place in the heart of the UK’s financial center. The competition aimed to realize the dream of many entrepreneurs who want to use technology to bring about meaningful change to people’s lives.
Six companies, shortlisted from almost 100 entries, pitched their products to a large audience, in hopes of winning prizes to help them accelerate the growth of their businesses. The companies presented products that could help people save more, budget better, and get better access to financial products and services.
Among the companies were three established fintech companies and three newcomers, all with innovative ideas. Their products ranged from alternatives to traditional credit scoring to a software product that can alert relatives if an older person is being financially scammed. Another company presented an artificial intelligence-powered financial adviser, and one new bank focused exclusively on the financially underserved.
The judges were impressed by the companies’ application, energy, and enthusiasm in solving the problems of financial capability and inclusion. Although all the pitches contained brilliant ideas, there had to be a winner, and the winners were very deserving.
Best newcomer: Mespo
The award for the best fintech newcomer was won by Mespo, which offers a “robo money saver” service. Mespo uses bank account data to identify potential savings opportunities, such as switching to a cheaper energy provider, and notifies the user of all available options before automatically switching on their behalf. Mespo earns revenue only when its customers achieve savings.
Mespo triumphed over ethical credit rating startup Credscope and Kalgera, a personal finance advisor for seniors, to win the award. Lukas Zorner, the founder and CEO of Mespo, stated that the company’s goal has always been to assist financially underserved individuals, and working closely with the Money Advice Service, which assists such consumers, would be a wonderful opportunity. Mespo’s service not only saves people money but also enhances their financial resilience by demonstrating how simple it is to save for the future, according to Zorner.
Best established: Pockit
Pockit, a challenger mobile bank founded by Virraj Jatania in 2013, has emerged as the winner in the competitive fintech category. The category included established players such as Aire, which offers a credit assessment tool that eliminates bias, Abaka, a personalised wealth adviser, and Pockit’s own competitor in the mobile banking space.
Pockit has been rapidly accumulating customers over the past year, with a current customer base of 230,000. The company targets customers who have difficulty obtaining a mainstream current account and has garnered support from celebrity backer Sir Alex Ferguson. The majority of Pockit’s customers, 65%, are over the age of 35, and 30% are recent arrivals to the UK.
The judges were impressed by Pockit’s simple banking proposition, transparent fee structure, and strong potential for growth.
Spotlight winner: Pockit
Pockit, a mobile banking company, had a successful night at an awards ceremony, winning two awards including the special Spotlight award from sponsor Experian. Ben Sanders, the chief operating officer of Pockit, expressed his gratitude for the support of Money Advice Service and Experian in helping the company to grow and achieve its goal of building the world’s most inclusive bank. Minister for Digital Matt Hancock praised the winners and highlighted the government’s commitment to using technology for positive causes. The UK’s fintech sector, valued at £6bn, has significant potential for growth, with Laura Coffey, head of fintech at Tech City UK, calling it the best place in the world for fintech innovation that improves customers’ engagement with financial services and their access to new products.
