(Update: Since this article was published, the pledge has welcome new members, bringing their cohort to 28 members in total).
The Pledge aims to improve the financial lives of 10 million people by 2025.
Members who have signed up to the pledge include: rent reporting platform CreditLadder, Google Cloud, Hargreaves Lansdown, mortgage platform Koodoo, financial wellbeing app Loqbox, home deposit builder Nude, money-saving app Snoop, savings platform StepLadder and Tandem Bank amongst many others.
With 25% of the UK’s population facing low levels of financial resilience, the scheme will bring together leading tech and fintech companies to provide UK consumers with actionable steps to strengthen their finances.
These actions will come from four focus areas:
1. Savings – Moving deposits from low to high interest-yielding accounts and setting up saving pots to make savings work harder.
2. Credit building – Signing up to a credit building tool to access more and better value financial products.
3. Debt consolidation – Using a debt consolidation tool to understand how much could be saved each month by consolidating, reducing financial obligations.
4. Utility marketplaces – Searching for lower priced utility deals on digital marketplaces to save money on one or more monthly payments.
Justin Basini, CEO and Co-founder of The ClearScore Group, said, “This initiative can make a real difference to people’s lives. We can help people rethink their finances and take action to make themselves better off. The FinTech industry has a key role to play in building financial resilience and we look forward to working with Zopa and future partners to make this a reality across the UK.”
Jaidev Janardana, CEO at Zopa Bank, says, “With the UK facing an unprecedented cost-of-living crisis, households need to use every tool at their disposal to build long-term financial resilience. This industry pledge – the first of its kind – will unite a wide variety of companies in one goal of driving positive financial actions for millions living in the UK.”
To read more on the 2025 FinTech pledge, click here.