Monday, 25 April 2022 06:00 AM
Company Update
LONDON, UK / ACCESSWIRE / April 25, 2022 / Money Pot was founded to fill a major gap in the market for a social micro-financing tool that provides individuals with a peer-to-peer solution for their short-term saving and borrowing needs.
As a company, their main mission is to make short-term financing more accessible, affordable, and sustainable for individuals. It ties in perfectly with their long-term vision of creating social impact by empowering individuals with short-term financing solutions that run much less of a risk than current offerings. Indeed, existing high-interest borrowing vehicles, such as consumer loans and finance, payday loans, credit cards, and buy now pay later solutions, can crush their users' credit scores, making the ability to achieve savings goals significantly harder.
The Money Pot Story
Money Pot is the brainchild of Basak Azaz, a Turkish-born entrepreneur with over 20 years of global experience in the financial industry. Having worked with major companies for the majority of her career, focusing on banks and private equity companies through over 100 mergers, acquisitions, and infrastructure projects, Basak felt compelled to leave the world of big finance after spotting a new problem that required a solution.
Over the past five years, Basak had become more and more concerned about the issues surrounding high-interest short-term loans - particularly when considering the overwhelming number of people using them. The problem became even more alarming in the context of the global cost of living crisis, which has increased the demand for personal loans, valued at $47 billion in 2020, but projected to reach $719 billion by 2030. Committed to ending this unsavoury practice and creating a futureproof framework for the millions of people worldwide with limited financial resources, Basak decided to forge a new path. To do this, all she had to do was look back in time.
Basak focused on the concept of saving clubs, an age-old solution to an age-old problem, in which individuals - or communities, in some cases - save together to help each other reach their financial goals. In a world where fintech regulation still isn't developed enough to protect the people it's designed to, Money Pot emerged as a breath of fresh air, taking power from major institutions and bringing real solutions to the communities that needed them most.
A Wealth Of Benefits, Powered By Community
Through their innovative and flexible platform, the issues faced by their users can become a thing of the past. From helping individuals save for specific short-term occasions while also encouraging them to save for the long-term, to allowing flexible repayment schedules and facilitating interest-free loans, Money Pot has created novel ways to achieve their financial goals, through the power of community.
Their process is simple. Instead of having to turn to a high-interest loan for quick cash, a Money Pot user would create a savings pot and invite a handful of their friends to contribute a set amount per month towards the total goal. For example, a user might enlist 5 friends to join the pot and contribute £40 each per month, for a total of £200 each month. The creator of the pot would receive the money during the first month, and payback £40 per month into the pot over subsequent months, during which a new recipient would receive a pot of £200 each month. On top of the benefits of the flexibility of saving and building together, future features include building credit scores and loyalty benefits programmes.
Building a Reputation for Excellence
Since their foundation, Money Pot has won countless awards, including the UK's Micro-financing Platform Of The Year at Finance Monthly's Women In Finance Awards 2020, and the Best Overall Peer-to-Peer Lending Platform at the Fintech Breakthrough Awards 2020. They have also been championed by several major institutions, including the EU's Regional Development Fund, through their work with London & Partners' Business Growth Programme. In addition, they have also entered a range of other prestigious programmes, such as the We in Social Tech Accelerator Programme, supported by Nwes in collaboration with Deutsche Bank, as well as Natwest's Pre-Accelerator Programme, Entrepreneurial Spark.
Money Pot is set to launch the latest version of their product, which is currently in beta, in May 2022, the next step towards their goal of transforming the way people approach personal financing and creating a positive social impact. Through an intuitive platform built on their team's decades of cumulative finance experience, they remain confident in their ability to continue to break ground as a new, disruptive player in the market.
Keep up with Money Pot
Company Website:http://www.money-pot.co.uk/
Company LinkedIn:https://www.linkedin.com/company/money-pot/
Company Facebook:https://www.facebook.com/moneypotltd
Company Twitter: https://mobile.twitter.com/moneypot5
Company Instagram:https://www.instagram.com/moneypotltd/
Founder LinkedIn:https://www.linkedin.com/in/basak-azaz-3212bb/
PRESS CONTACT: [email protected]
SOURCE: Money Pot