The fintech cost-of-living coalition doubles in size
Ten more companies have joined the 2025 Fintech Pledge (pledge2025.org) launched in September to help tackle the UK’s cost of living crisis.
The second wave of expansion comes after a period of growth, with the new member base doubling to 22 since the last expansion announcement in late October.
The 10 new members are (alphabetically):
• Car financing and loan provider Blue Motor Finance
• Credit building service for tenants Baldakin
• Community and knowledge hub Open Banking Excellence
• Debt advice and management provider PayPlan
• Pension aggregator Penny
• Open banking network Plaid
• Debt advice charity StepChange
• Open banking platform Tink
• Policy and regulatory network The Financial Inclusion Alliance
• Credit building service Wollit
Founded by Zopa Bank and ClearScore, the pledge aims to drive 10 million consumer actions by 2025 that build the financial resilience of UK consumers. This is achieved by connecting people to platforms that make savings work harder, improve credit scores, consolidate debt and reduce utility bills and household outgoings.
Members agree to clearly define, measure and quantify actions that contribute to the campaign goal of 10 million actions on a monthly basis. To date, more than one million actions have been reported from all members combined, with 530,000 already publicly displayed on the pledge2025.org website.
Alongside reporting members, the pledge has opened up three new membership categories that are preparing for further growth in 2023: Registered charities with specialist expertise provide knowledge and insight into financial resilience; The industry enabler simplifies introductions to their ecosystems and accelerates adoption of promises; and External supporters and allies with product offerings alongside but separate from the promise, raising brand awareness beyond the core ecosystem and linking it to other relevant industry discussions.
Jaidev Janardana, CEO of Zopa Bank said: “Financial worries are affecting more people than ever due to inflation and rising interest rates. Recent FCA data from October showed that one in four adults are in financial trouble or on the brink of difficulty, while ONS data from the same month found that almost half of adults who pay energy bills and 30% who pay rent or a mortgage say this is difficult to afford.
“Launching the Promise was a natural step for us, as the ethos of creating better financial outcomes for clients has always been in our DNA, but it’s been fantastic to see so many fintechs and allies embrace it too. As we get ready to roll out our first set of consumer partnerships in 2023, I actively encourage members of the UK fintech ecosystem to help UK consumers weather this financial shock by joining the pledge.”
After a successful period of onboarding and initial reporting, the pledge will continue to welcome new members, but will gradually focus attention on measuring the impact of consumer actions, rolling out a multi-year consumer brand. We work together to reach consumers where they already are. .
