Edinburgh fintech Sustainably is one of 15 tech firms which has secured funding to develop innovative open banking-based services designed to improve financial wellbeing among consumers.
The Open Up 2020 Challenge, run by Nesta Challenges in partnership with Open Banking Limited, offers a £1.5 million prize fund to encourage UK fintechs to “revolutionise” money management.
Each of the 15 finalists has been awarded £50,000 to fund their developments, with three of these set to receive an additional £50,000 based on their innovation’s emphasis on financial inclusion, such as supporting elderly or vulnerable customers.
Sustainably, founded by mother-and-daughter team Loral and Eishel Quinn, is among the finalists competing to be crowned a winner in July 2020. Up to four victors will receive a further £150,000 to 200,000 to invest in their idea.
The capital fintech’s platform lets consumers donate to their favourite charities by rounding up spare change every time they shop.
Loral Quinn, who is also chief executive, said: “We’re so excited for this opportunity to be part of Open Up 2020, to get access to the world class mentors and companies who can help us drive adoption and scale our impact globally.”
Chris Gorst, director of challenges at Nesta Challenges, added: “We see this as the start of a big consumer-friendly shift in financial services.”