Moverly has been named a finalist in the Smart Data Challenge Prize, a competition funded by the Department for Business & Trade to encourage innovations that use smart data to improve services for consumers and businesses.
Smart data allows individual consumers and business customers to access and share their data simply and securely with third parties, enabling those third parties to provide innovative services.
Moverly’s platform aims to simplify property transactions by giving customers control over their data and enabling more efficient sharing of information between key parties such as estate agents, banks, surveyors and conveyancers. The system is designed to address the common issues of high costs, delays and fall-throughs in the homebuying process by creating a reusable digital property pack at the start of the transaction.
The Smart Data Challenge Prize is delivered by Challenge Works in partnership with the Open Data Institute, bigspark and NayaOne. It seeks to promote the development of new technologies that unlock the potential of smart data across sectors including finance, energy and homebuying.
Ten finalists have been selected, each receiving £50,000 and access to the Smart Data Sandbox, a secure testing environment created for the prize. The sandbox contains synthetic data representing 5,000 individuals and 100 small businesses over a one-year timeline, providing an opportunity for teams to trial their solutions in a controlled setting that mirrors a potential real-world smart data ecosystem.
Holly Jamieson, executive director of Challenge Works, said: “Access to data has enabled major innovations, including Open Banking, and is at the heart of the Smart Data Challenge Prize.
“Using synthetic data in the new Smart Data Sandbox, teams will be able to test their solutions, demonstrate the potential benefits of a smart data ecosystem for customers and society, and help government to understand what it can do to support the widespread creation of impactful uses of real-world smart data across different sectors in the UK.”
In addition to the £50,000 already awarded to each finalist, the competition offers an overall winner prize of £50,000 and two runner-up prizes of £25,000, which will be announced in Autumn 2025. The challenge is designed to support the UK government’s ambition to expand the use of smart data beyond its origins in Open Banking and apply it to new sectors to promote economic growth and innovation.
Justin Madders, minister for employment rights, competition and markets, said: “Our Plan for Change is harnessing new technology to deliver for working people and businesses and smart data will be crucial in this transformation.
“This prize supports Britain’s world-class entrepreneurs and innovators to develop the technologies that will lead the world and seize the opportunities of the future making the UK a better place to live, to work and to run a business.”
Read the orginal article: https://propertyindustryeye.com/moverly-wins-50000-in-smart-data-challenge-prize-shortlisting/
