Volkswagen Financial Services (VWFS) has launched a competition for startups in the UK, following the group’s first such initiative in Portugal last year.

The “Battlefield” competition, which is accepting entries until July 8, will see firms compete in three categories:

  • credit and customer finance, covering underwriting automation, due diligence, payment processing and contract management;
  • “disruptive” mobility services, based around peer-to-peer, car sharing, the shift to usership and on-demand services;
  • value-added services and products, such as telematics, accident prevention and assistance, insurance and delivery services.

The winner will receive a non-equity cash prize, a stand at the Web Summit tech conference in Lisbon, and the chance to collaborate with VWFS UK to develop products further.

The 2017 edition of the event, held by VWFS Portugal, saw Austria’s Parkbob, a parking spot locator app, emerged as the winner.

The initiative is similar in spirit to BMW UK’s Innovation Lab, which saw its second edition come to a close in March.

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By GlobalData