The Finance Innovation Lab announced on Monday it formed a partnership with Toynbee Hall to establish a new fintech incubator for companies focusing on financial health. The organizations stated that the Financial Health Fellowship, delivered over six months in 2017, will boost strategic know-how, transform leadership skills and prepare Fellows to scale their businesses.
According to the organizations, applications are accepted from fintech entrepreneur who is actively developing a financial product of service that supports financial health and also has the potential to transform the wider financial system. The Finance Innovation Lab also noted that fellows are not required to be working on their idea full-time, but must show commitment to developing their idea.
Anna Laycock, Executive Director of the Finance Innovation Lab, commented:
“Despite the UK having one of the biggest financial sectors in the world, many people continue to struggle with their personal finances. 1.7 million adults remain unbanked, only 41% of households are saving, and 12 million lack access to affordable credit. A shake-up of our approach to financial health is long overdue. We’re looking for ideas that are rooted in the realities of financial exclusion and exploitation, with a focus on making the financial system work for everyone in society. Our Fellows will experience an incubator like no other – one that recognises the realities of going against the grain in our complex financial system, and grounds innovation in the lived experiences of those struggling with financial ill-health.”
Carl Packman, Research and Good Practice Manager at Toynbee Hall, added:
“It’s so often the case that the highest profile innovations in financial services only cater for a small number of better-off consumers. We want to be in a position where we can champion creativity for those people who remain unserved or underserved in the market. That’s why this Fellowship is so important.”
Applications will be accepted until April 10th, and the fellowship program begins in May 2017.