UK registered businesses can apply for a share of £7 million for projects that develop new products and services within Professional and Financial Services. The aim of this competition is to advance these sectors by supporting them in the creation and adoption of digital approaches and new digitally supported services. The competition is split into two strands:

  1. Innovation in Professional and Financial Services – single applicants (SMEs only)
  2. Innovation in Professional and Financial Services – collaboration

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

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

In your proposal, you should explain how you will help these sectors to 1) deliver better products and services, 2) increase access to these services, and 3) make these services more effective for their customers.


Your project must:

  • have a total grant funding request between £50,000 and £200,000 for single applicants
  • have a total grant funding request between £50,000 and £500,000 for collaborations
  • start before 1st April 2023
  • last between 6 and 18 months
  • carry out all of its project work in the UK and intend to exploit the results from or in the UK

To apply to Strand 1, your organisation must be a UK-registered SME. To lead a collaborative project in Strand 2, your organisation must fulfil the following criteria:

  • 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)
More Information

This competition is open from 5th September until 9th November. You can find more information on both strands via the Innovation Funding Service.

RedKnight's logoRedKnight has a strong track record of securing innovation funding and can help you develop a competitive application! If you would like to explore an application, please contact us in order to arrange a free consultation.