TSB announces the winners of its 2024 Innovation Labs programme

• TSB announces three winners of its 2024 Innovation Labs programme
• Sikoia, Credit Canary and Aperidata use Open Banking technology to help customers get support more quickly
• The winners will now work with TSB to develop Proof of Concepts that can enhance the experience for TSB customers

TSB has today announced Sikoia, Credit Canary, and Aperidata as the winners of its 2024 Innovation Labs programme, in partnership with Fintech Scotland.

Each year, the programme provides up to 15 new fintechs with the opportunity to develop and grow their propositions with insight and guidance from TSB experts based at the bank’s Technology Hub in Edinburgh. Now in its fourth year, the programme continues to drive innovation for customers, while boosting entrepreneurialism in Scotland.

The winners were chosen for their potential to enhance the future of banking. While Sikoia is set to make finance applications simpler for new customers, Credit Canary and Aperidata are on course to speed up credit scoring and the time it takes for customers to get a decision about borrowing from banks. All three winners will now work closely with TSB to develop Proof of Concepts to help deliver these improved experiences for its customers.

Previous winners of the TSB Labs programme include Lightning Reach – a portal that helps customers to access financial support – such as grants and benefits – all in one place. Since launch in 2024, TSB customers have benefited from over £160,000 in grants, with an average payment of £500 per customer.

ApTap, another previous winner, provides customers with an easy way to save on their household bills by comparing them to the latest deals on the market. In 2024, ApTap saved TSB customers over £65,000 on broadband bills alone, with an average saving of £150 per customer.

Adam Betteridge, FinTech & Open Banking Lead at TSB said:

"We are incredibly proud of the progress made by these three innovative fintechs during the TSB Labs programme. Over the last 12 months, Sikoia, Credit Canary and Aperidata have demonstrated exceptional potential to help TSB customers get support more quickly. Their innovative solutions use data and technology in new creative ways to help provide an even better experience for TSB customers. We’re looking forward to what comes next.”

Nicola Anderson, CEO at Fintech Scotland, said:

"We are delighted to witness the success of Sikoia, Credit Canary and Aperidata through the TSB Labs programme. These innovative fintech companies show how data and AI can be harnessed to deliver real impact for people and communities. At FinTech Scotland, we believe meaningful collaborations are the key to unlocking innovation and this partnership with TSB demonstrates the powerful outcomes that can be achieved when new innovative firms and progressive established companies work together to shape the future of financial services.”

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Notes to editors:

About the 2024 winners

• Sikoia
  Sikoia automates manual, document-heavy verification processes to enable financial services providers to onboard customers in a way that is smarter, faster and even more accurate. With the majority of customer data being unstructured and buried in documents or disconnected sources, Sikoia overcomes those challenges to provide automated customer verification quickly.

• Credit Canary
  Credit Canary provides smart decisioning for consumer credit lenders that spans the full credit lifecycle. It uses Open Banking, credit and tax data to allow lenders to unlock the insight needed to make smart decisions, both on initial application and throughout the term of the credit provided. The decisioning is real-time, enhancing credit scoring data to foresee repayment risk, engage borrowers proactively and strengthen lending performance.

• Aperidata
  Aperidata is a real-time credit reference agency on a mission to revolutionise credit scoring. It harnesses the power of Open Banking to transform credit and lending processes and make instant, responsible and ethical credit decisions. Aperidata uses intelligent, AI-powered products to empower businesses to serve their customers digitally, accurately and in real time to provide fair finance for everyone.

The 2025 TSB Labs Programme will open for applications in the coming weeks.