SHIFT Open Finance Community has revealed that Open Banking platform Money Squirrel is the sole successful applicant of its dedicated fintech incubator programme ‘Ignite’.
The incubator programme ‘Ignite’ is designed to support founders to turn “disruptive fintech ideas” into reality through a combination of financial support, expert guidance, and industry networking opportunities.
‘Ignite’ has been founded by SHIFT, which is a community of more than 300 fintechs, and Woodhurst, a consultancy specialising in financial services.
Money Squirrel aims to help businesses manage cashflow and make their money work better for them, by sweeping money into savings accounts, ensuring businesses are prepared for future obligations while earning interest on unused balances.
Through ‘Ignite’, Money Squirrel will receive “tailored” support from both the SHIFT and Woodhurst teams, including a cash injection and co-working space, as well as Google Cloud resources, such as credits, learning tools, and guidance from a “dedicated Startup Success Manager”.
The programme also provides mentorship from the likes of Oliver Parsons, head of ecosystems, customer propositions at Lloyds Banking Group, James Varga, founder of DirectID, and Johnnie Martin, an investor at Augmentum Fintech.
Kyle Masterson, head of SHIFT and co-founder of Ignite
Kyle Masterson, head of SHIFT and co-founder of Ignite, said: “This programme was created to support bold entrepreneurs.
“Andreea’s vision for Money Squirrel exemplifies this, as she seeks to empower business owners across the UK. We are confident in her and look forward to accelerating her journey.”
Andreea Daly, founder of Money Squirrel, added: “Ignite stood out for its focused support, dedicated to one startup at a time, and the unparalleled network access through SHIFT and Woodhurst.”
Money Squirrel was chosen from an initial pool of 60 applicants, seven of which advanced to interviews, with four finalists invited to follow-up discussions.
Masterson moderated a Powerhouse Debate on Day Two of the Open Finance Show, which was co-located with Open Banking Expo UK & Europe earlier this month in London. The debate, titled ‘The industry collective. What needs to happen to get Open Finance out of the starting blocks for all?’, saw Masterson joined on stage by Archi Shrimpton, senior manager, Open Banking and Open Finance at Lloyds Bank, Kerri-Anne Sproson, Skipton Group’s senior strategy lead and Gabbie Watkiss, product director at OakNorth.