Start-ups in financial technology (fintech) are being invited to enter a £175,000 contest showcasing the best innovations in the sector.

IC tomorrow, part of the government’s Innovate UK, launched the competition and said it would let start-ups test innovations with some of the biggest names in fintech.

Five businesses will get £35,000 each to boost digital inventions across themes such as education, cyber security and personal finance.

Taking part in the programme are heavyweights American Express, Accenture, Lloyds Banking Group, the Department for Business Innovation and Skills (BIS), RBS Group, Money Advice Service and Experian.

The UK has developed into a world-leading base for the fintech industry, with success stories at different stages of development including Monetise, TransferWise and Go Cardless.

Despite being in its infancy the industry is worth about £20 billion annually to the UK economy, according to figures from UK Trade and Industry.

Matt Sansam, programme manager at IC tomorrow, said: “The UK has become a hotbed for financial technology innovation, with many of the world’s fastest growing companies basing themselves here.

“This collaborative contest aims to support and accelerate their growth by providing commercial introductions to industry leaders. It also enables UK-based global players to harness the creativity of start-ups and help bring their ideas to market.”

Tuesday 21 April is the deadline for entries to the competition. For more information click the link below.