Nottingham tech firm wins access to £5m open banking prize

Nottingham-based tech firm Bizfitech is celebrating as its Handle product has been selected from over 150 global applicants to be one of just 20 finalists for the £5m Nesta Open-up Challenge.

The Open-up Challenge was born out of recommendations by the Competition and Markets Authority that banks in the UK should help create more competition in the financial market and help small businesses make better use of their banking information. The £5m prize fund was offered to businesses from anywhere in the world who felt they could provide innovative solutions to small business owners problems.

Bizfitech chief executive, Olly Betts, said: “I’m thrilled that Handle has been announced as a finalist for the Open-Up Challenge, it gives us early access to this new data source meaning we can accelerate our mission to help all small businesses grow by saving them time and money.”

“Open Banking is the most transformational source of financial data since the creation of the credit bureaus and through our ground breaking product Handle, we intend to help small business owners unlock that value so they can create more profitable and sustainable businesses”

Imran Gulamhuseinwala, trustee of the Open Banking implementation entity said: “Open banking is the catalyst that will accelerate the creation of an entirely new market for dynamic, rapidly evolving, financial services. “From automating activity that currently takes valuable time away from businesses, to making access to credit and advice easier and smarter, it will revolutionise the way companies are run and grown.”

Bizfitech launched Handle in November last year, and is based at The Poynt in Nottingham.

Betts added: “Everyone goes online to make decisions about a business, but for the business owner themselves, too much of that information is hidden, complicated to understand and take action upon. We don’t think that’s right. We created Handle to put busy small business owners in control of their data through an experience they love. Whether that’s generating sales online, managing customer opinion or improving their credit score we help small business owners get to what matters, understand where they could improve and most importantly the action they can take in their business today.”

“The democratisation of data is fast becoming a reality and it’s high time banking data came to the party. Our early access to open banking data through the Open-Up challenge accelerates our introduction of real time financial data to Handle, making it the first-place small business owners can go to check if their business has had a good day. This completes the loop for our customers, allowing them to manage their cash flow, sales, online reputation and credit profile all in one place.”