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Innovation in Professional & Financial Services – Single & Collaborations

Fund Name

Innovation in Professional & Financial Services - Single & Collaborations

Project Length

6-18 months

Project Value

£50k-£500k

Deadline

27.09.2023

Innovate UK, part of UK Research and Innovation, will invest up to £5 million in innovation projects. The aim of this will be to advance the Professional and Financial Services sectors by supporting them in the creation and adoption of digital approaches and new digitally supported services.

This competition is split into 2 strands:

Innovation in Professional and Financial Services – collaborations
Innovation in Professional and Financial Services – single applicants

Check Your Eligibility

Fund details

Your project must focus on one or more of the following:

  • legal services
  • accountancy and audit
  • insurance
  • open finance innovation
  • financial planning and support for consumers and SMEs
  • financial regulatory compliance and financial crime prevention (such as fraud and anti-money laundering)
  • payments and transactions

Your project must include the following:

  • clear consideration of user experience and design
  • consideration of broader, non-technical aspects including ethics, privacy, transparency and regulatory requirements
  • consideration of barriers to adoption within these sectors and approaches to addressing them
  • quantify how the solution will be exploited

Innovate UK are particularly encouraging applications that:

  • are for projects that increase access to services by underserved or excluded communities, individuals, and businesses
  • cover more than one sector in scope
  • address broad sector-wide needs
  • involve collaborations with non-grant-funded professional and financial service providers
  • are multidisciplinary and include social science as well as science and engineering

Innovate UK will not fund projects:

  • that are quantum technology development (use of existing quantum technologies in the delivery of a service is in scope)
  • that focus on climate finance
  • that focus on the development of new cryptocurrencies
  • that focus on green finance
  • that do not meet the competition eligibility or scope
  • where other Innovate UK funding support is available and more appropriate

Eligibility

To apply for Innovation in Professional and Financial Services – collaborations, your project must have a total grant funding request between £50k and £500k.

To apply for Innovation in Professional and Financial Services – single applicants, your project must have a total grant funding request between £50k and £200k.

All projects must:

  • start by 1 April 2024
  • last between 6 and 18 months
  • carry out all of its project work in the UK
  • intend to exploit the results from or in the UK

To lead a project your organisation must:

  • be a UK-registered business of any size
  • collaborate with other eligible UK-registered organisations
  • if you are a large organisation, include at least one grant claiming micro, small or medium-sized enterprise (SME)

To collaborate with the lead, your organisation must be one of the following UK registered:

  • business of any size
  • academic institution
  • charity
  • not for profit
  • public sector organisation
  • research and technology organisation (RTO)

Funding 

Up to £5 million has been allocated across both strands to fund innovation projects in this competition. Funding will be in the form of a grant.

For feasibility studies and industrial research projects, you could get funding for your eligible project costs of:

  • up to 70% if you are a micro or small organisation
  • up to 60% if you are a medium-sized organisation
  • up to 50% if you are a large organisation

For experimental development projects which are nearer to market, you could get funding for your eligible project costs of:

  • up to 45% if you are a micro or small organisation
  • up to 35% if you are a medium-sized organisation
  • up to 25% if you are a large organisation
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