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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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Latest News
  • As seen on Global Banking and Finance Review”.

    09.02.21

    By Matt Adam, chief executive of We Are Digital, outlines four key actions we can take this year to end the impact of financial exclusion.   Financial exclusion – the inability to access finance, banking and income – typically affects … Read more »

  • The Shift to Remote Training: Challenges, Opportunities and the Future

    09.12.20

    Arjun Patel, Operational Delivery Manager When the Covid-19 lockdown came into force in March, as an organisation, We Are Digital didn’t want to sit back and do nothing. We primarily offered face-to-face training prior to this, but we quickly decided … Read more »

  • We Are Digital partnership with PA Housing

    08.12.20

    Community investment and digital skills training provider We Are Digital has secured a contract with PA Housing to provide in-home digital and financial inclusion training to a targeted group of residents. The training will prove key to relieving isolation and … Read more »

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