Picture: Don MacMonagle
A new initiative providing €1 million in grants designed to stimulate innovation in the provision of mortgages in Ireland has been launched at the RDI Hub in Killorglin.
The Mortgage Innovation Challenge is funded by Bank of Ireland which has appointed Delta Partners to run the challenge.
The programme is seeking applications from early-stage start-up companies and will make grants to successful applicant companies of up to €200,000.
The challenge is a national initiative and it is open for applications until June 23 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.
RDI Hub CEO, Liam Cronin, said as a mortgage is 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,” he said.
Applications are sought in areas that address all aspects of the mortgage journey, including affordability, process simplification, brokerage, approvals, credit scoring, conveyancing, repayments and switching.
Applicants must visit Mortgage Innovation Challenge and 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.
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