Firms collaborate

Funding secured to build ‘affordable credit’ app

Marlene Shiels

Marlene Shiels: ‘game changer’ (pic: Terry Murden)

A fintech company, credit union and software developer are working on a digital lending initiative to help the financially disadvantaged after securing £200,000 from the UK Government.

Glasgow tech firm Soar together with East of Scotland based Capital Credit Union and Nivo – a Barclays spin-out software company – received the funds through the Affordable Credit Challenge.

The scheme, run by Nesta Challenges in partnership with the Treasury, is designed to support the development of innovative solutions to make credit more accessible and affordable in the UK, particularly for those who are financially vulnerable.

Soar was one of three recipients of the funding and will use it to develop a mobile app as part of Capital Credit Union’s digital transformation strategy.

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