Ten new members, including Google Cloud and Tandem Bank, have joined a new cross-industry initiative aimed at strengthening consumer finances during the cost-of-living crisis.
The scheme, launched by digital bank Zopa and credit marketplace ClearScore last month, is also being joined by: rent reporting platform CreditLadder; savings platform Hargreaves Lansdown; digital mortgage platform Koodoo; financial wellbeing business LOQBOX; home deposit builder app Nude; money-saving app Snoop; digital savings platform StepLadder; and The Money Charity.
The pledge, which comes as one in four adults are in financial trouble or at the brink of financial difficulty, aims to drive 10 million consumer actions by 2025 that "build up the financial resilience of UK consumers".
The new set of actions focus on savings, credit building, debt consolidation, and utility marketplaces, including searching for lower priced utility deals on digital marketplaces to save money on one or more monthly payments.
The Money Charity will co-design and deliver a programme of its financial wellbeing and education workshops for people of all ages.
“We’re pleased to see UK FinTechs partnering with financial institutions to help Britons through the cost-of-living crisis," said Janine Hirt, chief executive of Innovate Finance. "It is imperative that the FinTech ecosystem works together to address these issues head on and secure a better future for consumers everywhere. The 2025 Fintech Pledge is a very positive step towards improving financial wellness and inclusion for all."
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