Fintechs pushing for an inclusive future: in conversation with SteadyPay

Applications for the 2021 Inclusive Fintech 50 are open. We speak to last year’s British winner, SteadyPay, on their mission to provide accessible and approachable financial solutions for all.

 

Now in its third year, the Inclusive Fintech 50 (IF50) is open for applications, and we want to hear from the next generation of innovative fintechs making waves in the industry. Whether you’re building accessible financial products, or empowering people to enjoy the benefits of digital payments, the IF50 programme wants to merit companies going the extra mile to serve the underserved and ensure no one is left behind.

As a global sponsor, Visa is building on its ongoing commitment to digital inclusion and support for small businesses by providing socially-minded fintechs with the tools they need to grow and connect with more people.

The competition aims to put promising challenger fintechs on the map, ultimately enabling more consumers and businesses to thrive in the digital economy.

Entrants from the UK and Ireland and elsewhere around the world can apply to IF50 for their chance to win.

With applications now open, we caught up with 2020 winner, SteadyPay – a fintech providing credit access to their customers through a simple subscription model - on their goals to provide approachable financial solutions:

 

 

To kick us off, tell us about SteadyPay in three words…

Fair credit access.

 

 

What was the motivation for your launch, and what continues to drive you towards that ultimate goal?

The core mission for us has always been creating a level playing field between salaried workers and gig workers. Seeing the tangible impact we can make on our members’ financial lives - whether it’s saving them hundreds per month or building up their financial confidence – is what drives us on today. There’s no better feeling than knowing you were part of that achievement!

 

 

How can fintechs help create a more financially inclusive economy?

The key is in delivering hyper-tailored solutions that meet people’s needs: both practically and emotionally. Often, the emotional component is left out of the inclusive equation - only when you truly understand your customers can you find that perfect balance.

When we think about our own products, we ensure they are built to meet these prerequisites which will ultimately drive a more inclusive economy.

 

 

How has the IF50 competition helped you and your customers?

Most importantly, we’ve been able to continue to improve the financial lives of thousands across the UK. The IF50 recognition helped us to continue to grow at a 30% month-on-month rate, bringing our solution to those who need it most. Independent analysis also shows that SteadyPay members save £200 per month in comparison to alternative solutions on the market.

 

 

Can you share a highlight of your involvement in last year’s IF50 competition, and what you learned from the experience?

A big highlight for us was being recognised as a breakthrough fintech by such an esteemed award. We are just one of so many inspiring fintechs out there doing great work and pushing for financial inclusion, so it was an honour to be selected in the competition.

 

 

What advice would you give to other fintechs who are at a similar stage?

Always listen to your customers and keep listening to them, as circumstances and behaviours are ever-changing. Not only does your customer audience help you better understand the product market, but they also help you refine your product into something world class.

 

 

Last year’s Inclusive Fintech 50 attracted over 400 eligible applications from an amazing cohort of fintechs around the world. Applications for the 2021 IF50 are being accepted now until July 30, with winners due to be announced in October.

Please visit the Inclusive Fintech 50 website for more details.

 

 

Case studies, comparisons, statistics, research and recommendations are provided “AS IS” and intended for informational purposes only and should not be relied upon for operational, marketing, legal, technical, tax, financial or other advice. Visa Inc. neither makes any warranty or representation as to the completeness or accuracy of the information within this document, nor assumes any liability or responsibility that may result from reliance on such information. The Information contained herein is not intended as investment or legal advice, and readers are encouraged to seek the advice of a competent professional where such advice is required.