Incuto partners HM Treasury to boost credit union membership
UK-based fintech, Incuto, has been chosen as HM Treasury’s sole tech partner for a prize-linked savings scheme designed to boost credit union membership, reports Jane Connolly.
During the two-year pilot project, Incuto’s solution will help 15 participating credit unions to digitise their services in order to better compete with banks and payday lenders.
HM Treasury’s scheme offers cash prizes to savers in order to raise awareness of community lending options.
The fintech aims to tackle financial exclusion by offering access to a bank account, sort code and debit card. With 1.1 million accounts on its platform, Incuto has forged partnerships with Starling Bank, Post Office, Vocalink, Telefonica, Mastercard, Experian and Fair by Design to provide customers with access to free-to-use services.
Incuto’s banking platform provides a complete transactional system to credit unions.
“Credit unions and community-based lenders offer a viable and more ethical alternative to short-term, high-cost credit such as that offered by payday lenders,” says Andrew Rabbitt, CEO of Incuto. “It has never been more important to raise awareness of credit unions and take steps to counter the financial hardship and exclusion which can result for some people when turning to payday lenders.”
The 15 participating organisations include 1st Alliance (Ayrshire), Bradford District, Central Liverpool, East Sussex, London Capital, Commsave, Plane Saver and Police credit unions.