Mojo Mortgages has been crowned one of the winners of Nesta Challenges’ Open Up 2020 Challenge, following a 15-month competition.
The complete list of winners was Mojo Mortgages, Moneybox, Plum and Wagestream.
The £1.5m Open Up 2020 Challenge was designed to inspire innovative open banking-enabled solutions to help people across the UK better manage their money.
Run by Nesta Challenges in partnership with the Open Banking Implementation Entity (OBIE), the four winners will each receive £150,000 to grow their solution, on top of the £50,000 awarded at the finalist stage.
Research from Open Up 2020 found that 55% of people are currently trying to prepare their finances for another lockdown, and 38% want personalised guidance and support to help them manage their money better.
The majority (84%) of people who have already used open banking-enabled apps say they were impressed with how easy the apps are to use, and 82% say open banking has improved how they manage their money.
The winners were selected from a pool of 107 applicants, which resulted in 15 finalists.
All have received both financial and non-financial support through Open Up 2020 and since the start of the challenge their collective open banking users in the UK have more than doubled.
This growth is reinforced by recent data from OBIE, which reveals users of open banking-enabled products now exceed two million.
Chris Gorst, director of challenges at Nesta Challenges, said: “We’re delighted to announce Mojo Mortgages, Moneybox, Plum and Wagestream as winners of the Open Up 2020 Challenge.
“The calibre of finalists was extremely high, and our winners have clearly demonstrated how they are harnessing the power of open banking to help people adopt better relationships with their money through saving, budgeting, salary advances and support getting on the property ladder.
“Today, more than ever, personal finances are front of mind for many people, and both the winners and finalists are providing innovative, customer-centric solutions to some of the most pressing needs of society.
“We look forward to following their journeys as they grow.”
Imran Gulamhuseinwala OBE, trustee of the Open Banking Implementation Entity, said: “COVID-19 has left millions of people facing financial hardships, so it’s more important than ever that the financial services market responds with innovative solutions to help people get back on track with their finances.
“All of the Open Up 2020 Challenge finalists are taking a leading role in this especially the winners.
“The judges were particularly impressed with the winners’ focus on helping their customers, particularly in this challenging climate, and their commitment to improving financial wellbeing. With 2 million active monthly users of open banking and growing strongly we wish the winners every success in growing their offerings and reaching more people.”