After announcing its £2 million prop/fin tech competition in 2017’s Autumn Budget, HM Treasury has announced details of the six companies who have made it through to round two of the Rent Recognition Challenge. They are CreditLadder, Bud, Canopy, RentalStep, FirstHomeCoach and Movem, who will each be given an initial £100,000. An additional £1.4 million will be awarded later in the year to three or four select teams whose prototypes have most impressed the panel of industry judges.

The Rent Recognition Challenge was introduced by the Government last year to encourage firms to develop new applications or improve existing products that will enable tenants’ rental payment data to be shared with lenders and credit reference agencies. In this second round the six companies will use their first cash injection to enhance and refine their offering.

It is hoped the new technology developed as part of the challenge will see tenants’ rental payments routinely count towards their credit history and, subsequently, help them get on the property ladder in the future.

Members of the expert panel making the judging decisions include: Al Lukies (Motive Partners, Rent Recognition Challenge Sector Champion); Charlotte Crosswell (CEO, Innovate Finance); Paul Smee (Director of Mortgages, UK Finance); Eileen Burbidge (HM Treasury FinTech envoy); Diederick Van Thiel (CEO, AdviceRobo)and Neil Munroe (CEO, CRS Insights).