Six proptech companies have been named as first-round winners of the Treasury’s £2m rent challenge.

They are: Bud, Canopy, CreditLadder, META Labs, Movem and RentalStep.

Each will now receive £100,000 of funding to develop their products, aimed at improving the market for renters, allowing them to improve their credit scores and get on the housing ladder.

Between April and October, each will develop their products before the judges select three to four which will receive additional funding worth a total of £1.4m to bring their ideas to market.

Each of the six competitors will also receive up to ten hours of free legal advice and supporting PR, plus access to various fintech tools, meeting space and events.