A new €1 million innovation fund designed to drive innovation in Ireland‘s mortgage market has been launched at Kerry innovation hub RDI.
Up to €1 million in grants will be provided to support projects that stimulate innovation in the provision of mortgage services. The first round, which is now accepting applications, will provide up to €200,000 in support for successful projects.
The Mortgage Innovation Challenge is being backed by Bank of Ireland as part of its commitment made to the Competition and Consumer Protection Commission (CCPC) to acquire KBC Bank Ireland’s loan portfolios. The funding will be allocated by Delta Partners, with RDI Hub operating the programme.
The initiative will cover all areas of the mortgage process, including affordability, process simplification, brokerage, approvals, credit scoring, conveyancing, repayments and switching, implementing new technology such as cloud and artificial intelligence.
“As the biggest purchase most people will make in their lifetime, the opportunity for innovative approaches is vast,” said RDI Hub chief executive Liam Cronin. “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”.
Applications for the first phase will close on June 23rd, with applicants selected for an in-person pitch event in September. The national initiative will see a second phase run in the latter half of the year.
“New technologies and business model innovation have the potential to drive change in the Irish mortgage market. Innovators bring fresh approaches, and the potential for innovation in home buying is significant,” said Delta Partners general partner Maurice Roche. “At Delta Partners we have a track record in supporting indigenous Irish start-ups and we are excited to spearhead innovation in this relatively untapped area of fintech.”
