Funding Streams
UKFin+ aims to establish a valued network across the UK that continues beyond the EPSRC funded period. The funding streams are designed to build collaborative relationships between academics and financial services partners, facilitating workable solutions to real-world challenges proposed by the financial services sector. By doing so, UKFin+ aims to foster innovation and economic growth, and solidify the UK’s position as a prominent fintech hub.
Projects must be collaborative and should focus on utilising new technologies to tackle wicked problems in financial services. Projects which are contract research are unlikely to be funded, as the network looks to fund projects with a genuinely collaborative approach to problem solving, where the project is co-designed between the academic and non-academic partner.
UKFin+ funding offers financial services organisations the opportunity to access research driven innovation at minimal risk. The funding flows to the higher education institution, who then provide the partner organisation with the expertise and technologies to tackle challenges they have identified.
AGILE
This funding stream is designed to tackle problems at speed. It is the most responsive of our funding streams and is open for applications year-round. The projects will typically be exploratory, targeting opportunities that require resources quickly, often in response to a time-limited opportunity.
Examples could include:
- Exploring a time-sensitive new initiative for an industry partner
- Responses to government calls in relevant fields such as cybersecurity or AI
- Initial research for a larger proposal
- Literature or tech reviews
Key differentiator: The project should be fast and responsive
IN NUMBERS:
- Up to £10,000 fEC (UKFin fund 80% of fEC) for each project*
- Required to start within 2 months of award
- Duration of up to 4 months
- Funding deadlines: Continuous
PILOT
Pilot projects should be for early-stage research which is of short duration. These projects are expected to be more exploratory with a clear lead to a bigger research project. They are often used for small-scale test studies or trailing a research idea/technology.
Key differentiator: Short duration, early-stage research
IN NUMBERS:
- Up to £20,000 fEC (UKFin fund 80% of fEC) for each project*
- Required to start within 4 months of award
- Duration of up to 4 months
- Funding deadlines 5pm on: 12/11/24, 29/4/25, 11/11/25
FEASIBILITY
Feasibility projects are expected to be mature research projects, typically following on from previous funding. This funding may be from UKFin+ Agile/Pilot schemes or could be from elsewhere. The project leads should have a great depth of experience in the subject matter.
They should be multi-disciplinary and have clear academic and applied outcomes for both academic and non-partners respectively.
The scheme’s concept is whether you can take early-stage research and apply it, bringing it into the real world to tackle complex challenges in financial services.
Key differentiator: Mature multi-disciplinary research projects
IN NUMBERS:
- Up to £100,000 fEC (UKFin fund 80% of fEC) for each project*
- Required to start within 9 months of award
- Duration of up to 12 months
- Funding deadlines 5pm on: 12/11/24, 29/4/25, 11/11/25
IMPACT
Impact funding is to explore how previous research/prototypes can be applied in practice, in collaboration with a non-HEI partner.
Examples could include applying lab prototypes to operational environments; software implementation; transitioning from using test data to real data in research; sharing code you have developed and influencing policy.
Technology readiness level 4 or higher is vitally important for this funding stream.
Key differentiator: Applying previous research and/or prototypes to real-world situations
IN NUMBERS:
- Up to £15,000 for each project (direct costs only) 100% full economic costing
- Required to start within 4 months of award
- Duration of up to 6 months
- Required to include at least one SME
- Funding deadlines 5pm on: 12/11/24, 29/4/25, 11/11/25, 14/4/26
EDUCATION &
ENGAGEMENT
These projects are designed to support the growth of the financial services talent pool.
Examples could include:
- Developing new innovative ideas to support teaching in HEIs, in ways that meet the needs of the financial services sector
- Developing new courses, including continuing professional development
- Collaborations to improve working with companies/charities on education and talent development
- Outreach activities with schools/HEI to strengthen understanding of fintech career pathways
IN NUMBERS:
- Up to £6,000 for each project (direct costs only) 100% full economic costing
- Required to start within 4 months of award
- Duration of up to 6 months
- Funding deadlines 5pm on: 12/11/24, 29/4/25, 11/11/25, 14/4/26
*The scheme list is the price to funder calculated at full economic cost. UKFin will pay 80% of the full economic cost.