Delta Partners, in conjunction with the RDI Hub, have today announced the launch of the Mortgage Innovation Challenge, providing €1 million in grants designed to stimulate innovation in the provision of mortgages in Ireland.
The Mortgage Innovation Challenge is funded by Bank of Ireland as set out in the Competition and Consumer Protection Commission (CCPC) approvals regarding the acquisition of the KBC portfolios. Bank of Ireland has appointed Delta Partners to run the challenge.
The programme is now seeking applications from early-stage start-up companies and will make grants to successful applicant companies of up to €200,000.
The Mortgage Innovation Challenge is a national initiative and is open for applications until 23rd June 2023 for tranche one with an in-person pitch event for selected applicants in September 2023 at the RDI Hub. A second tranche of the challenge will run in the second half of 2023.
Discussing the Mortgage Innovation Challenge, Delta Partners General Partner Maurice Roche said “New technologies and business model innovation have the potential to drive change in the Irish mortgage market. Innovators bring fresh approaches, and the potential for innovation in home buying is significant. At Delta Partners we have a track record in supporting indigenous Irish start-ups and we are excited to spearhead innovation in this relatively untapped area of fintech”.
RDI Hub CEO Liam Cronin said “As the biggest purchase most people will make in their lifetime, the opportunity for innovative approaches is vast. Innovators bring fresh approaches that can be both incremental and disruptive. In the broad fintech space, innovation has come from both within the financial services industry and beyond, and RDI Hub is especially excited to see applications from across the regions of Ireland as part of this national initiative”.
Applications are sought in areas that address all aspects of the mortgage journey, including affordability, process simplification, brokerage, approvals, credit scoring, conveyancing, repayments, switching, etc., and that take advantage of new technology including mobile, cloud, AI, open finance, API interfaces, and other novel approaches that benefit this area of consumer finance.
To apply, applicants must visit Mortgage Innovation Challenge and submit an application where they will need to demonstrate their innovative approach as well as describe how the funding made available will significantly progress their projects to achieve market validation, prove technical feasibility, and/or demonstrate customer demand and business scalability.