Funding Boost for Smart Data Foundry
Edinburgh-based Smart Data Foundry (SDF) secures £3 million in funding to launch a new Financial Data Service. This initiative, funded by Smart Data Research UK, part of UK Research and Innovation (UKRI), will provide researchers with unparalleled access to secure, de-identified financial data, helping to paint a clearer picture of the UK’s economic resilience and household financial health.
This new service will form part of a national network of six data services aimed at positioning the UK at the forefront of smart data research. By enabling access to financial behaviour data from households and businesses, SDF will empower researchers to tackle pressing societal challenges, such as the cost-of-living crisis, financial inclusion, and regional productivity disparities.
Transforming Research with Secure Financial Data
Dougie Robb, Interim CEO of SDF said:
“This initiative fosters data-sharing partnerships that unite academia, public institutions, and private enterprises to deliver outcomes that improve lives across the UK.”
SDF has already gained national recognition for its innovative use of anonymised financial data for public good, including partnerships with NatWest Group to analyse financial behaviours during the COVID-19 pandemic and collaborations with Sage and CEBR on SME economic tracking.
A Network Driving National Innovation
The Financial Data Service is one of two newly funded services, alongside the Smart Energy Data Service, joining four existing services dedicated to imagery, geographic data, sustainable places, and data donations. Together, this network will accelerate the UK’s position as a leader in data-driven solutions, guided by the Economic and Social Research Council (ESRC).
Stian Westlake, Executive Chair of the ESRC, emphasises the importance of this investment:
“Data infrastructure is as critical to our shared prosperity as transport or power networks. With this investment, we are paving the way for economic growth, improved public services, and a sustainable future.”
From Insights to Actionable Impact
The Financial Data Service will bridge the gap between financial institutions, researchers, and policymakers to tackle real-world challenges. Its findings will inform targeted policy responses to economic shocks, support innovation in financial inclusion, and enhance understanding of how communities experience financial change.
Magdalena Getler, Head of Academic Engagement at SDF, remarks,
“With the anticipated Data (Use and Access) Bill, we are entering a new age of empowered, secure data use. This legislation will enable transformative research that tackles societal challenges, from poverty to economic inactivity.”
