In October 2018, we launched the pilot Green FinTech Challenge to support innovation and growth in the green finance sector as part of the Government’s Green Great Britain Week.
The challenge was open to start-ups, incumbents and technology providers that met our eligibility criteria:
- assisting in the transition to a greener economy
- benefit to UK markets and consumers
- need for Innovate services
The initiative offered support via the most appropriate avenue for the successful applicant, depending on the individual needs and maturity of the firm. Successful applicants benefited from a range of services, including:
- the regulatory sandbox
- Direct Support
- the Advice Unit
- bespoke green finance cohort engagement
Successful applicants
The application window closed on 11 January 2019. Applicants were asked to provide information about their idea, what they would like from us, and how they met our eligibility criteria.
We received 22 applications to the Green FinTech Challenge. Nine firms were accepted as part of the Green FinTech Challenge to continue to develop innovative products and services to assist in the UK’s transition to a greener economy.
Sandbox firms:
- Enian: a machine learning tool that uses live satellite data and draws on Enian’s data library of 100,000 commercial solar photovoltaics (PV) and wind power assets to predict investment returns for greenfield projects.
- Sustainability.Exchange: a platform for corporate Environmental, Social and Governance (ESG) performance ratings and a blockchain-based prediction market, for ESG focused institutional investors.
Direct Support firms:
- Barclays: an impact investing ecosystem platform which aims to connect accelerators, fund managers, institutional investors, investor networks, and wealth managers.
- CoEnergy.app: a platform that automates the setup and management of share registry services for community energy projects.
- Cogo: an app that connects consumers with businesses that align with their social and environmental values.
- Energimine: a tokenised rewards platform which incentivises consumers to adopt greener lifestyle changes.
- I-Warranty: a mobile app that enables consumers to instantaneously capture receipts, register products and provide an easy to use, digital way to manage warranties and make claims. The app aims to reduce environmental impact by extending the lifespan of repairable goods and reduction e-waste and paper based warranties.
Advice Unit firms:
- Neural Alpha: a software development company which focuses on financial services. The firm is developing a software platform for matching investors’ sustainability preferences to investments.
- Plenitude: an ethical robo-adviser which allows users to incorporate their values into their investments plan.