LOQBOX, the financial-inclusion focused FinTech Startup – has this week revealed total savings pledged by its users passed the £1 million mark in just three months.
The startup, which recently won the Financial Inclusion category at the prestigious 2018 DigitalAgenda Impact Awards, aims to break down the barriers blocking hundreds of thousands of financially excluded UK consumers from the financial system.
An estimated 15 million people in the UK pay more for or are entirely denied access to basic products and services because they have not been given the opportunity to build a positive credit payment history. This can be as simple as being denied a mobile phone on a monthly contract or not being allowed to post-pay utilities bills.
Since late-2017, LOQBOX has been providing financially excluded UK consumers with a free opportunity to build their credit history, unlocking the door to the financial system. LOQBOX users typically save on average over £400 per year.
LOQBOX CEO and Co-Founder Tom Eyre said “At LOQBOX we are all extremely proud of what we have achieved in the last year, culminating in our recent win at the DigitalAgenda Impact Awards. To be recognised in this way is not only validation of the great opportunity we are providing our users but recognition that FinTech can make a real difference to the lives of people in the UK. Tech for good is a growing trend amongst not only FinTech but all tech businesses and having a socially responsible, inclusive business model is becoming more and more necessary to achieve scale and growth.”