£125,000 to be won for Scottish fintech innovators

The Times Scotland together with Royal Bank of Scotland, FWB Park Brown and Dell Technologies have partnered to launch a competition to identify and support the next generation of financial technology pioneers in Scotland.

With a prize fund of £125,000, it aims to encourage and reward world-class ideas in financial technology innovation.

The awards

The “PowerUp” Fintech Award is for financial technology companies that have been trading for less than three years. Applicants should be at minimum viable product (MVP) stage onwards, and judging will be based on originality and innovation as well as validation and traction.

The winner of this category will receive an £80,000 prize, with £20,000 for the runner-up and £10,000 for the third-placed entry.

Aimed at early-stage financial technology businesses or individuals with new ideas, the “Blue Sky” Fintech Award is open to pre-revenue companies trading for less than a year. Entries will be judged on originality and innovation, as well as their potential market impact.

The winner will receive £10,000, with £5,000 for the runner-up. The third-placed entry – along with the five other finalists – will feature in a special article on the competition in The Times and be offered a place in the Royal Bank’s Accelerator programme.

How to enter

To apply, complete the short application form and submit a three-minute video pitch by Sunday 14 October. The three-minute pitch should include: what you do, how you do it, who your customers are, what traction or validation you have so far, why your team can deliver this and what makes you different from the competition.

Entries will be judged by a panel of experts and finalists will be expected to attend a Dragons’ Den-style pitching event at the Royal Bank’s headquarters at Gogarburn on Monday 29 October. To be eligible, candidates must be available to attend the event, which starts at 5pm. They will be asked to deliver a live, three-minute pitch of their idea or business to a panel of judges chaired by Louise Smith, Head of Digitisation, Personal and Business Banking at the Royal Bank of Scotland and including Gordon Merrylees, Head of Entrepreneurship at RBS; Greig Cameron, Business Editor at The Times Scotland; Adam Brown of FWB Park Brown; Stephen Ingledew of Fintech Scotland; Craig Reid of Dell Technologies; and Kate Richardson-Walsh, the Olympic gold medal-winning former captain of the GB women’s hockey team.

The winners will be announced on the night. For more details and to enter please visit www.timesfintechcompetition.scot