Nivo selected as winner of Affordable Credit Challenge
13th Mar 2020
Nivo, along with Capital Credit Union and Glasgow-based technology provider, Soar, was awarded the cash prize of £200,000 to go towards development.
The Affordable Credit Challenge, run by Nesta Challenges in partnership with HM Treasury has put £2M towards improving access to affordable credit in the UK.
While the UK is the FinTech capital of the world, millions of people are still unable to access fair and affordable credit. The Challenge enables community lenders to join forces with tech-savvy fintechs, who will work in partnership to provide people with alternative fair solutions to high-cost lenders.
Two other partnerships between community lenders and fintechs have also secured funding for developing innovative solutions that make credit more accessible and affordable, particularly for the most vulnerable.
Our Solution to Affordable Credit
The team is developing a mobile app using the latest digital financial technology to make it easier for people to join and engage with a credit union, giving new audiences – particularly financially excluded and younger people – the opportunity to save and gain access to affordable credit.