Regulatory sandbox - cohort 1

Find out about the 18 businesses that tested in cohort 1 of the regulatory sandbox, to test innovative products, services, business models and delivery mechanisms.

We received 69 applications for cohort 1 from a diverse range of sectors, locations and sizes, before the application window closed on 8 July 2016.

24 applications were accepted, and 18 firms tested as part of cohort 1.

All of these firms have now completed their testing and we expect the majority will take their propositions forward. 

A number of these firms have already transitioned out of the sandbox and we are working with others to ensure that they have the regulatory permissions they need when operating outside of the sandbox.

Cohort 1 firms

Sandbox cohort 1 firms


Billon An e-money platform based on distributed ledger technology that facilitates the secure transfer and holding of funds using a phone based app.
BitX A cross-border money transfer service powered by digital currencies/blockchain technology.
Blink Innovation Limited An insurance product with an automated claims process that allows travellers to instantly book a new ticket on their mobile device in the event of a flight cancellation.
Bud An online platform and app that allows users to manage their financial products, with personalised insights, on a single dashboard. Bud's marketplace introduces relevant services users can interact with through API integrations.
Citizens Advice A semi-automated advice tool that allows debt advisers and clients to compare the key features of solutions to their debt problem.
DISC Holdings Limited A technology provider that has partnered with the Department for Work and Pensions (DWP) to determine the feasibility of making emergency payments using means other than cash or the Faster Payments Scheme. The payments platform will use blockchain to allow the DWP to credit value to a mobile device to transfer the value directly to a third party.
Epiphyte A payments service provider that aims to provide cross-border payments using blockchain technology.
HSBC An app developed in partnership with Pariti Technologies, a FinTech start-up, to help customers better manage their finances.
Issufy A web-based software platform that streamlines the overall Initial Public Offering (IPO) distribution process for investors, issuing companies and their advisers.
Lloyds Banking Group An approach that aims to improve the experience for branch customers aligned with the online and over the phone experience.
Nextday Property Limited An internet-based property company that will provide an interest-free loan for a guaranteed amount to customers if they are unable to sell their property within 90 days.
Nivaura A platform that uses automation and blockchain for issuance and lifecycle management of private placement securities.
Otonomos A platform that represents private companies’ shares electronically on the blockchain, enabling them to manage shareholdings, conduct book building online and facilitate transfers.
Oval An app that helps users to build up savings by putting aside small amounts of money. These savings can then be used to pay off existing loans early. Oval will be working with Oakam, a consumer credit firm, and a number of their customers during the test period.
SETL A smart-card enabled retail payment system based on their OpenCSD distributed ledger.
Tradle An app and web-based service that creates personal or commercial identity and verifiable documents on a distributed ledger. In partnership with Aviva, they will provide a system for automated customer authentication.
Tramonex An e-money platform based on distributed ledger technology that facilitates the use of ‘smart contracts’ to transfer donations to a charity.
Swave A micro-savings app that provides an across-account view, enables a round-up service every time a user spends money and calculates an affordable savings amount based on the user’s spending behaviour.