New fund aims to raise £20m, disrupt markets and end the poverty premium in 10 years
We Are Digital has been selected to be part of a new £20 million investment fund that aims to provide alternative services to millions of people on low incomes. As part of the programme, We Are Digital will work with Wayra UK and Telefónica Open Future UK to help people to manage their finances, find the best deals and provide training for financial management.
Around fourteen million people live in poverty in the UK, more than one in five of the population. The fund aims to help those that are struggling to face the poverty premium – having to pay more for essential goods and services, such as their energy bills, for credit or essential needs like food.
One of five start-ups announced to receive support from Wayra UK, We Are Digital will work with these companies to eliminate the poverty premium within 10 years.
Matthew Adam, CEO of We Are Digital, commented: “The poverty premium is an injustice that is a sign of market failure and something we urgently need to address. With levels of household debt rising, this problem is only going to worsen and we have a social responsibility to address it. The Wayra UK fund is an important first step and we are excited to work with the fund to level the playing field.”
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Solving financial capability; how a wedding planner changed her life
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All comments to be attributed to Matthew Adam, chief executive of digital and financial inclusion support provider We Are Digital “Earlier this month (08 February), energy watchdog Ofgem announced that it would be raising its price gap by 5.5%. … Read more
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