The website states that the challengers will have access to small business data through the Open Banking APIs which are shared by Open Banking Limited.
According to the website, "open banking APIs are now live in the UK market, enabling small businesses to securely and conveniently share their data with third parties. The APIs also enable those challengers to get real-time access to product information from the providers of current account, unsecured small value loans and overdrafts, as well as to initiate payments on behalf of their small business users.
From the website: "The Open Up Challenge was a prize fund backing the next generation of financial technology for small businesses. We looked for products, services, platforms and marketplaces which shared our vision for radically better financial technology. The prize fund awarded £4.5m in equity-free funding to 25 fintech companies, ranging from angel-stage startups to pre-IPO ventures."