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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.”

 

Read more: http://www.londonlovesbusiness.com/business-news/new-fund-aims-to-raise-20m-disrupt-markets-and-end-the-poverty-premium-in-10-years/18714.article

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  • Digital literacy improving lives in Cambridge

    07.12.17

    Cambridge City Council has partnered with We Are Digital to launch a digital training course aimed at those living in social housing in one of the highest rated wards for poverty and vulnerability. Without a community centre in the area, … Read more »

  • New fund aims to raise £20m, disrupt markets and end the poverty premium in 10 years

    20.11.17

    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 … Read more »

  • CEO thoughts: Fighting the Poverty Premium

    20.11.17

    We have been selected as one of five start-ups to work with Wayra UK to eliminate the poverty premium within the next 10 years. The poverty premium is when people on lower incomes have to pay more due to a … Read more »

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