Nesta offers £2.8m for FinTech solutions for COVID-hit workers

Nesta is launching the £2.8 million Rapid Recovery Challenge to find and support tools and solutions that improve access to jobs and money for people across the UK.

In partnership with the Money and Pensions Service and the JPMorgan Chase Foundation, the 12-month challenge will focus on supporting workers hit hardest by the economic shock of COVID-19.

Nesta is looking to FinTechs, charities and other organisations to enter their solutions that address the challenges faced by these workers. Firms could win up to £475,000 by entering the challenge’s Financial Recovery Stream, which focuses on financial resilience.

The stream will identify the most promising solutions and back those that have the greatest potential in helping people access financial assistance more easily, manage their cashflow, or, where necessary, access affordable and responsible credit.

Ravi Gurumurthy, chief executive of Nesta, said: “COVID-19 has created a huge economic shock, millions face severe threats to their job security and household finances, and we know that low-paid workers, people in insecure roles and those under 25 will be hit hardest.

"I’m looking forward to seeing the range of solutions innovators develop to address these issues and support those whose jobs and finances have been most impacted by the pandemic.”

Hang Ho, head of global philanthropy for EMEA at JPMorgan, added: “As the fight against this disease and its impact continues it is imperative that these people not be left behind and are supported to improve their career prospects and financial resilience."

The Rapid Recovery Challenge will support innovators to develop and scale solutions through financial grants and non-financial support such as help with product and service design, and access to a wider support network of organisations.

Entries are now open, closing on 26 October. Two winning projects will be announced at the end of the programme in September 2021.

Solutions submitted to the challenge must already exist - at least in prototype form - and must have been piloted with a minimum of 1,000 users.

    Share Story:

Recent Stories


The future-ready CFO: Driving strategic growth and innovation
This National Technology News webinar sponsored by Sage will explore how CFOs can leverage their unique blend of financial acumen, technological savvy, and strategic mindset to foster cross-functional collaboration and shape overall company direction. Attendees will gain insights into breaking down operational silos, aligning goals across departments like IT, operations, HR, and marketing, and utilising technology to enable real-time data sharing and visibility.

The corporate roadmap to payment excellence: Keeping pace with emerging trends to maximise growth opportunities
In today's rapidly evolving finance and accounting landscape, one of the biggest challenges organisations face is attracting and retaining top talent. As automation and AI revolutionise the profession, finance teams require new skillsets centred on analysis, collaboration, and strategic thinking to drive sustainable competitive advantage.