Scottish fintech Soar secures major funding boost
Scottish fintech Soar, together with Nivo (a Barclays spin out), has secured £200,000 from the Affordable Credit Challenge. This challenge was created to help with the development of innovative solutions to make credit more accessible and affordable, particularly for those who are financially vulnerable.
This is a very important problem to tackle as a recent piece of research shows that 82% of people think more needs to be done to create alternatives to high-cost lenders and 75% believe not-for-profit, community lenders need more support to succeed.
This boost will allow the fintech to work on a mobile app and its automated loan application processes available 24/7.
“We’re excited to have won this prestigious challenge. It’s testament to the hard work of our team and the close collaboration with our partners at Capital and Nivo. Our aim is also to ensure the technology developed for Capital can be rolled out across the UK to positively affect the lives of millions of people.”
Soar’s founder and CEO, Andrew Duncan
The scheme is run by Nesta Challenges in partnership with HM Treasury and three finalists from across the UK were each awarded £200,000.
“The UK’s world-leading fintech sector has a huge role to play in helping the most vulnerable access alternatives to high cost credit. That’s why we set up the Affordable Credit Challenge, bringing together fintechs and community lenders to develop new, pioneering solutions to this challenge. The three winners have done amazing work and I look forward to seeing how they help more people to access affordable credit products.”
John Glen, Economic Secretary to the Treasury
“There is a huge need for affordable credit, and we know that technology can help credit unions and others to both reach people who need it and provide the kind of service that mainstream financial institutions offer. The panel was really impressed by all the finalists - and we're looking forward to seeing the results of these exciting partnerships.”
Joanna Elson, CEO of Money Advice Trust and Chair of the Affordable Credit Challenge judging panel