By Lisa Walls-Hester on Wednesday 15 March 2017
Fintechs with a focus on financial health can now apply to participate in a ground-breaking incubation programme announced today by the Finance Innovation Lab and Toynbee Hall.
The programme, which will be delivered over six months in 2017, will boost strategic know-how, transform leadership skills and prepare participants to scale their businesses.
Applications are invited from fintech entrepreneurs that are actively developing a financial product or service that can support financial health and has the potential to transform the wider financial system.
The programme will bring together the Lab’s expertise in incubating disruptive financial innovation and Toynbee Hall’s understanding of financial exclusion and exploitation.
Unlike intensive location-based incubators, the programme consists of six monthly sessions and two weekend-long residential leadership retreats, allowing participants to learn from real-life experience.
Anna Laycock, executive director of the Finance Innovation Lab, said: “Despite the UK having one of the biggest financial sectors in the world, many people continue to struggle with their personal finances. 1.7m adults remain unbanked, only 41 per cent of households are saving, and 12m lack access to affordable credit. A shake-up of our approach to financial health is long overdue.”
“We’re looking for ideas that are rooted in the realities of financial exclusion and exploitation, with a focus on making the financial system work for everyone in society.”
Participants in the scheme will experience an incubator like no other – one that recognises the realities of going against the grain in a complex financial system, and grounds innovation in the lived experiences of those struggling with financial ill-health.
The call for applications is open until 10 April and the Fellowship programme will begin in May 2017.