2. Bridge Housing Solutions
3. Broker Compare
4. Chip Financial
5. Chip In
6. Credit Builder
7. Credit Ladder
10. Family Investments
15. Kith & Kin Financial Wellbeing
20. Money Alive
21. Money Architect
31. NoMo (The ID Co.)
33. Ummah Finance
34. Universal Biometric Payment System
42. Billon Group
44. Boring Money
45. Choose Wisely
46. Cleo AI
47. Credit Kudos
48. U-Account (Ffrees Family Finance)
50. Investment Solver
51. Money Dashboard
52. Moneyhub Entperprise
54. Oval Money
58. Salary Finance
60. Squirrel Financial Wellbeing
62. We Are Digital
63. Wealthsimple UK
A Pockit account takes just two minutes to open and comes with an online account, contactless MasterCard and mobile app. There are no credit checks, just a simple, online form, and a one-off payment of 99p. An account with Pockit comes with all the benefits of modern day banking including, pay-in capabilities at over 28,000 pay points across the UK, local and international money transfers and is open to all, especially those shut out or short-changed by traditional high street banks. Pockit are currently serving over 200,000 representing an annual transaction value of £250m.
Pockit tackles financial exclusion by providing a bank account for people who are currently excluded or who don’t want to use basic bank accounts. Innovative approaches to ID widen access for customers and clear, transparent fees mean consumers feel in control rather than in their overdraft.
“We were really impressed with the quality of the pitch and the well articulated business model” – David Haigh, Executive Director for UK Financial Capability, Money Advice Service
“In a fiercely competitive sector – filled with legacy operators and new entrants, Pockit has managed to stand out due to its clear value proposition and ability to solve a real issue. All ingredients to create a sustainable business. As an investor we are looking to back companies that fulfil a real need, addressing a huge market and with a founder who is ambitious. Pockit ticked all the boxes. Any early stage investment is a journey. This particular journey has given us the opportunity to watch a business, a management team and proposition blossom – turning a great idea into a great business.” – Concentric Ventures
From left to right: Fahd Rachidy (Abaka), Dr. Dexter Penn (Kalgera), Maxie Sofos (Credscope), Richard Trainor (Pockit), Laura Coffey (Tech City UK), Aneesh Varma (Aire), Lukas Zoerner (Mespo), Nathaniel Jowitt (Tech City UK), Greg Michel (Tech City UK)
Low income households are generally good at budgeting but require help with managing and sectioning out money for priority goods and services. Missing payments for rent and bills causes people to become indebted and costs landlords and Housing Associations significant time and resource chasing down late payments.
We would be interested in seeing fintechs working in this space devising solutions that consider how to incentivise each layer of payments to help people better manage their money. For example, if tenants paid rent on time, they could receive cashback from housing associations who’ve saved from the money they normally spend tracking late payments. This could then filter down as credit to their next layer of payments like energy bills and the incentives flow down the chain from priority payments to treats and luxury items.
We are looking for the development of more personalised solutions which comprise additional data sources, such as those we have started to see in credit scoring. Such solutions would benefit those with low income backgrounds, many of whom are financially excluded, allowing them to prove who they are and gain access to the financial services from which they are currently blocked.
ID and address requirements are central to financial inclusion because they act as a gateway to accessing financial services. Although innovations in technology have allowed companies to perform simpler and more accurate ID/address verification services, there is still a large demographic who are unable to pass these verification tests due to the traditional view of identity and a corresponding lack of appropriate documentation.
We would like to see fintechs solving this through bundling services. For example, a savings app might look to offer credit scoring and a current account onto their core services, generating multiple revenue streams. To increase their reach and bundle their offering, startups today attempt to partner with incumbent financial services providers. But whilst lucrative when a partnership is successful, these large companies do not always see the value in small, one-off investments and this can often prove to be a struggle. We would encourage fintechs to look for other, unorthodox partners outside of financial services whose existing userbase overlap with the startups target demographic. For example, partnering with the equivalent of Walmart in the US would open the door to millions of potential users.
There is currently a lack of diversification of products targeting the low-income, unbanked or no credit population. Two key challenges to this are: making the economics work at scale and reaching those that are underserved or untouched.
A Fintech For All Judge, Vice Chair of the Financial Inclusion Commission and a member of the Fintech Delivery Panel
“Financial inclusion is about ensuring that every adult in the United Kingdom is connected to the financial ‘mains’, just as he or she is connected to mains electricity or mains water. The Financial Inclusion Commission wants financial services that are accessible, easy to use and meet people’s needs over their lifetime. That means access to banking and payment services, insurance, savings and affordable credit.
Yet 14 million people have insufficient means to see themselves through the next month if they are hit with an unexpected shock – illness, unemployment or family breakdown. A third have no savings at all. And up to 2 million don’t even have a bank account.Read More
Since 2014 we have been working with government, industry and stakeholders to put financial inclusion back onto the political agenda. Since that time we have seen positive steps on financial inclusion made across the world, in places as far and apart as China and the USA. It is welcome that financial exclusion is now back on the agenda of public and political debate in the UK.
The United Kingdom leads the world in financial services. It should also lead the world in ensuring that every adult in these islands is connected to those services in affordable ways that meet every individual’s needs.”
MD, Partnerships and Propositions at Experian, sponsors of the Experian Spotlight Award
“We would love to speak to anyone in the fintech community who is interested in working with us to help transform the future of finance.”
Access to affordable financial services is an important part of everyday life, but with traditional financial products generally under-serving the market, it’s important that we look to innovation to find new solutions, creating financial services products that work for everyone.
The rise of fintech in the UK is transforming the way we all manage money. The sector is a hive of invention, delivering great new ideas that are changing traditional services. As the digital world continues to evolve, there’s no doubt that new and exciting innovations will continue to enter the marketplace.Read More
At Experian, we have always embraced new ideas that can help us empower our customers to manage their data with confidence. We are committed to discovering and nurturing the next generation of innovators and entrepreneurs who will help us achieve this. That’s why we were delighted to sponsor the Experian Spotlight Award at Tech City UK’s Fintech For All competition this year.
We were blown away by the quality of entrants. It’s very encouraging for the future of the UK’s economy to see so many talented people entering the competition, all presenting an outstanding concept, product or service to improve the lives of the financial excluded. However, there could only be one winner.
Excellent in product design, customer experience and simplicity, mobile banking app Pockit was a deserving recipient of the augural Experian Spotlight Award.
Their commitment to tackle social exclusion was what particularly impressed. And, like us, they are continually striving to help people take control of their financial situation, delivering appropriate and fair access to financial services. As part of their prize, it’s our intention to work collaboratively with them to help them accelerate and develop their concept even further. Now that they’ve been selected as our winners, we’re really excited to have this chance to work with Pockit.
We’d like to see a future where, in the next few years, there is far quicker, cleaner, easier and more appropriate access to finance for everyone. The search for new ideas continues and we would love to speak to anyone in the fintech community who is interested in working with us to help transform the future of finance.