All businesses employ people, generate salaries, products and services and sometimes even profits without which modern society could simply not exist, Thus all Fintechs “do Social Good”. However in addition some focus their profits and services on the most disadvantaged members of society. We look at this “social benefit” sector in this show along with income streaming which is relevant not just to the lowest earners per se but also to the gig economy.
Peter Briffett knows this equation from both sides having been a serial entrepreneur and now founder and CEO of Wagestream who “help eliminate the payday poverty cycle by giving employees the flexibility to stream their earned wages into their accounts whenever they need or want it”.
Wagestream are also a member of Finance For Good which is a collective of socially-minded companies in the finance industry.
a smart new way of budgeting and saving that helps you resist that temptation to spend. We work in partnership with employers, local authorities, housing associations and credit unions to bring better money management to the widest possible audience.
Squirrel’s 7,000 clients range from those on benefits to those earning more than £100k – as Emanuel puts it “there are spenders and savers” and this tendency he believes is already formed when a child is still in single digits – and hence in place later regardless of adult income levels.
In this episode though, for the main course we focus on “socially beneficial Fintech” – or in less euphemistic terms what Fintech as a whole can do for those with little money. All too often the vast majority of Fintech – for all the PC buzzword terms like “financial inclusion” ends up just being a tool for the top 1%/10%.
Recent benefit changes in the UK have led to significant problems for folks who are unemployed or underemployed and these are only going to get worse if current plans are rolled out further. In this episode Emanuel, co-founder and Chairman of Squirrel takes us on a deep dive into the economic circumstances and changes. He also talks very honestly about his own personal and significant struggles with debt.