LOQBOX shortlisted as finalist in UK Fintech Awards
They are shortlisted for Personal Finance Tech of the Year
LOQBOX, one of the UK’s fastest growing fintech companies has been shortlisted in the prestigious UK fintech awards as a finalist for Personal Finance Tech of the Year.
The annual UK Fintech Awards is a celebration of the achievements and success of the UK’s best and brightest companies. The categories are designed to cover the full spectrum of fintech, and entries and nominations will be judged by an independent panel of experts. The winners will be revealed at an event in London in July 2021.
Co-CEO and Co-Founder Gregor Mowat commented: “This news makes us incredibly proud. We have worked very hard to help people from all walks of life to have access to fair financial products by providing a digital personal finance product that allows them to build a healthy credit score and save money at the same time. Recognition like this means the world to all of us at LOQBOX and reassures us that we are on the right path to achieve our mission to end financial exclusion, globally”.
Gregor continued: “We are the only free money management app that enables people to build a credit history while they save. We don’t make it difficult. We don’t try to catch people out. We don’t just sit back and leave our customers once they have taken a LOQBOX. We accompany them through the journey. We give them tips and coach them through this life-changing experience by providing tailored financial plans and coaching throughout the year”.
Financial exclusion is a major problem globally with billions of people unable to access standard financial services. For many, this is a difficult situation because if they’ve never had credit they can’t build a credit history. The consequence is that many turn to expensive sub-prime lenders and succumb to a spiral of debt. LOQBOX is on a mission to change that by offering a free solution to anyone wanting to improve their credit score and save money at the same time.
Co-CEO and Co-Founder Tom Eyre said: “We launched in 2017, but with all of the financial uncertainty caused by COVID-19, we have seen take up of our proposition increase rapidly. This is because LOQBOX is unique. It is the only solution of its kind available to UK consumers. We are helping to educate people as well as giving them tools to achieve the financial freedom they desire and need to be able to participate in a complex and intimidating financial world”.
Before LOQBOX, breaking into the credit world for UK consumers used to be difficult, meaning many people needed to apply for, a sometimes expensive, ‘credit-builder’ product. Rather than providing a safe, supportive route into responsible credit - some products can lead to a spiral of unmanageable debt or may have significant fees. Instead, LOQBOX provides a free, supportive, safe route into responsible credit for those who are new to credit or need a second chance. LOQBOX has also partnered with other like-minded companies to collaborate on delivering products and actionable next steps for consumers who want to improve their financial wellbeing.