Smart Data Foundry Awarded £3m for Financial Data Service Launch
Deal News | Jan 21, 2025 | Business Cloud
Smart Data Foundry has received £3 million in funding from Smart Data Research UK, a part of UK Research and Innovation, to operate a new financial data service. This service will provide researchers with secure access to data reflecting the financial behaviors, economic resilience, and regional economic activity of millions of households across the UK. Operating from the Edinburgh Futures Institute, the service is part of a nationwide network of five data services focused on enabling safe and efficient use of smart data. The initiative is led by Dougie Robb and Professor Chris Dibben from the University of Edinburgh and is expected to foster partnerships between academia, public institutions, and private enterprises for beneficial social and economic outcomes. SDF has established partnerships with major financial players like NatWest Group and Equifax and formed a team with expertise across finance and digital technology. This venture is seen as a crucial step towards improving the measurement and understanding of household financial health, a key aspect often lacking in current research datasets.
Sectors
- Financial Services
- Research and Innovation
- Data Analytics
Geography
- United Kingdom – The article focuses on a financial data service initiative based in the UK, involving UKRI and intended to benefit households across the UK.
- Scotland – The Edinburgh Futures Institute in Scotland is the operational base for the new financial data service.
Industry
- Financial Services – The article is pertinent to the Financial Services industry as it involves the provision of a financial data service that seeks to enhance financial research and understanding in the UK.
- Research and Innovation – This sector is highlighted by the involvement of UK Research and Innovation (UKRI) in funding the project, showcasing the role of research in fostering advancements in data services.
- Data Analytics – Data Analytics is central to the article as Smart Data Foundry's new service will leverage data from various digital interactions to analyze and provide insights into financial behaviors and economic trends.
Financials
- £3 million – This is the funding amount provided to Smart Data Foundry by Smart Data Research UK.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Smart Data Foundry | Target Company | Company | Smart Data Foundry is the organization receiving funding to operate the new financial data service. |
| Smart Data Research UK | Funding Organization | Company | It is a part of UK Research and Innovation (UKRI) that provided the £3 million funding. |
| UK Research and Innovation (UKRI) | Parent Organization | Government | UKRI is the overarching body overseeing Smart Data Research UK. |
| Edinburgh Futures Institute | Operational Base | Company | The place where the new financial data service will operate from. |
| Dougie Robb | Leader | Person | Dougie Robb is one of the leaders of the new financial data service. |
| Professor Chris Dibben | Leader | Person | Professor Chris Dibben from the University of Edinburgh is a leader of the project. |
| University of Edinburgh | Supporting Institution | Company | Professor Chris Dibben from the University is leading the new service. |
| NatWest Group | Data Partner | Company | NatWest Group is one of the organizations sharing data with Smart Data Foundry. |
| Virgin Money | Data Partner | Company | Virgin Money is a data sharing partner with Smart Data Foundry. |
| SAGE | Data Partner | Company | SAGE is listed as a data partner in the project. |
| Equifax | Data Partner | Company | Equifax partners with Smart Data Foundry in data sharing. |