Find out about the 9 firms that have been accepted as part of the Green FinTech Challenge which are developing innovative products and services to assist in the UK’s transition to a greener economy.
Background to the Green FinTech Challenge
We want a financial services market that works well when responding to the challenges of climate change, as well as the potential opportunities. In October 2018 we launched the 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 which met our eligibility criteria:
- assisting in the transition to a greener economy
- benefit to UK markets and consumers
- need for Innovate services
The initiative offers support via the most appropriate avenue for the successful applicant, depending on the individual needs and maturity of the firm. Successful applicants will benefit from a range of services, which include:
- The Regulatory Sandbox
- Direct Support
- The Advice Unit
- Bespoke Green Finance cohort engagement
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 think they meet our eligibility criteria. We received 22 applications to the Green FinTech Challenge.
9 firms have been accepted and will receive support across the range of FCA Innovate’s services.
- 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.
About the FinTech Challenge pilot
The FinTech Challenge is a pilot approach for FCA Innovate. This involves us taking a more active role in driving innovation in an area where we see clear benefit to UK consumers and markets. The pilot FinTech Challenge focuses on firms developing innovative solutions to assist in the UK’s transition to a greener economy.
The FinTech Challenge does not replace our existing Innovate services. Firms developing propositions that are not within the scope of the Green FinTech Challenge can apply to Direct Support, the Advice Unit or the Regulatory Sandbox.
Once the Green FinTech Challenge is completed, we will reflect on whether we wish to roll out further FinTech Challenges.
If you have any questions about the challenge, email [email protected] or call 020 7066 4488.
Over the next few decades, climate change is likely to fundamentally transform our economies. We take all risks that have an impact on the markets and institutions we regulate seriously, including risks posed by climate change. Find out more about our approach to climate change in our Climate Change and Green Finance Discussion Paper. Insights from the Green FinTech Challenge may be fed into this discussion paper.