SuperFi, a social impact fintech startup, has partnered with the London boroughs of Newham, Haringey, and Tower Hamlets to launch an initiative that rewards residents for paying their bills on time.
The scheme, which aims to alleviate financial distress and prevent problem debt during the cost-of-living crisis, receives funding from the Greater London Authority’s Tackling Poverty Challenge.
Through an app, users can track bills, access social tariffs and connect with debt charity StepChange for support. Since its launch, the app has already helped users save on average £1,488 per year and reduced missed bill payments by 15 per cent monthly.
It can also track user spending and alert users when they are likely to miss an upcoming bill payment. For those who are experiencing problem debt, the app can connect users with StepChange to offer access to specialist advice.
SuperFi’s mission
London-based SuperFi raised $1 million in pre-seed funding in 2023, led by UK-based seed fund Ascension, with additional support from its impact-focused fund, Fair By Design. Additional backing came from Force Over Mass, a range of strategic angel investors – and a funding grant from the Greater London Authority to support communities in need.
“We are driven by a mission to support individuals facing financial challenges,” said Tom Barltrop, co-founder and CEO of SuperFi. “These partnerships are an important growth step in supporting communities, particularly in areas with heightened financial pressures. To date, we have identified over £1million in additional benefits for users and reduced missed bill payments by 15 per cent each month, highlighting our app’s impact in building financial wellbeing.”
Howard Dawber, Deputy Mayor for Business for the Greater London Authority, also added: “I am proud that Challenge LDN has helped dozens of startups and small businesses to support communities in need across the capital. The cost-of-living crisis continues to impact Londoners, and through innovative initiatives like this the Mayor and I are continuing to do everything we can to break down silos and collaborate with new partners – building a fairer and more prosperous London for everyone.”
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