Hope Macy, an FCA authorised UK Fintech based in Newport, has obtained £1.5m in seed investment from the Development Bank of Wales, and a supportive angel network, to extend the development and roll-out of its regulated Open Banking and AI platform across the UK to counter the growing problem of financial vulnerability.
More consumers are falling into debt, unable to obtain credit, and others are falling victim to scams.
To make it worse, many of those with financial vulnerability have mental health problems.
According to FairForAll finance, 17.5 million consumers are in financially vulnerable circumstances, some at a point of no return.
The National Crime Agency says that fraud against individuals is typically targeted at already vulnerable people, for whom the consequences can be devastating, psychologically as well as financially.
Those who are financially vulnerable may miss bill payments, fall behind on rent, or default on loans. This leads to financial problems such as debt, poor credit, and homelessness.
Against this backdrop, Hope Macy, based at Tramshed Tech in Newport Market, has created an integrated technology platform to help those who may be financially vulnerable.
The platform is already in production across a number of lenders and debt management firms in the UK.
Sam Manning, Hope Macy’s CEO, said: “We understand the financially vulnerable like no one else. We have engaged with regulators, lenders, and borrowers to create a platform that meets the needs of this under-served eco-system. Using our technology, we are proud of what we have delivered and how consumers are benefiting from it”.
Jack Christopher, investment executive at the Development Bank of Wales, said: “We’re thrilled to be a part of Hope Macy’s journey with our investment – Sam and Graham will continue to innovate within the consumer credit space to produce solutions that will tangibly help those who are in most need gain access to credit fairly and affordably.
“We’re here not just to get finance to businesses, but also to help innovators who create products that are going to make a positive impact in people’s lives– not just here in Wales, but across the UK. The new platform developed will be of genuine benefit to financial institutions that need to comply with the FCA’s newly-introduced Consumer Duty regulations. We look forward to seeing their new platform go from strength to strength.”
