The rendezvous between finance and technological advancements has never been more important than at this point in history. All over the world, traditional systems of finance are being replaced by digitally operating mechanisms that have changed the game in which consumers interact with their money. Today, the average person’s life revolves on tech-savvy apps on their smartphones to provide information about their finances and related functionalities. We exist in a paperless economy where cash is transferred digitally, we communicate with banks through automated text messages and can even avail a loan by filling out an online application first. These are the halcyon days of fin tech and many countries are pioneering the race towards an even more futuristic development.
The United Kingdom’s innovation agency called Innovate has been dedicated to funding projects that revolutionize the economy for years. In their latest initiative, they have set aside an impressive € 7million with the vision to give life to the digitalization of finance-related systems used by companies. Both young entrepreneurs and established veterans alike can come forward to submit details about their business and will be granted the funding if they are eligible to meet the criteria. They can also do this alone with their solo project or with a partner in their team project. The plan, once finalized will be executed over a 3-year run and will see many businesses transforming through the gift of virtual finance mechanisms.
The United Kingdom’s official creators-friendly body has a lot of experience in identifying and promoting such promising sectors. They posted on social media that they are excited to begin this venture that will help turn the dreams of deserving entrepreneurs into reality. It is one of the most noteworthy grants carried out by the administration in recent years and has been received well by the fin tech community in the United Kingdom.