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Zopa and ClearScore cross-industry initiative to build financial resilience

UK-based digital bank Zopa and credit market ClearScore unveiled a new cross-industry initiative to strengthen consumer finances.

With inflation expected to hit 13% and over 25% of the UK population facing low levels of financial resilience, the 2025 Fintech Commitment provides UK consumers with concrete steps to build financial resilience, according to the press release.

These actions will come from four areas of intervention:

  • Savings – Shift deposits from low-interest accounts to high-interest accounts and set up savings pots to make savings work harder;

  • Credit creation – Register with a credit creation tool to access more and better financial products;

  • Debt Consolidation – Use a debt consolidation tool to understand how much could be saved each month by consolidating, reducing financial obligations;

  • Utilities Marketplaces – Search for low cost utility deals on digital marketplaces to save money on one or more monthly payments.

The path to achieving financial enrichment

The digital bank will announce the Fintech Pledge with ClearScore and discuss how technology supports a path to financial resilience.

Zopa officials said that with the UK facing an unprecedented cost of living crisis, households must use all the tools at their disposal to build their long-term financial resilience. This industry will bring together a wide variety of businesses with a single goal of driving positive financial action for millions of people living in the UK. They are happy to work with ClearScore and as the program progresses, a variety of programs and partnerships will help drive 10 million actions by 2025.

From ClearScore’s perspective, this initiative can make a real difference in people’s lives. Both companies can help people rethink their finances and take steps to improve. The fintech industry has an important role to play in building financial resilience and ClearScore looks forward to working with Zopa and its future partners to make this a reality across the UK.

More about Zopa

Zopa Bank is the tech unicorn that raised $500 million from early investors Slack, Uber and Alibaba to create a UK-based bank for savings and borrowing. Its P2P heritage brings 17 years of lending experience and combines the innovation of a fintech with the infrastructure of a fully regulated bank

To date, Zopa has issued over 300,000 credit cards, launched a premium savings account and fixed-term savings product, and lent over £7.5 billion in personal loans. It is approved by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulatory Authority.

What does ClearScore do?

As a financial marketplace, ClearScore helps people access and save money on credit cards, loans, and auto financing. The group combines beautifully designed apps, with powerful consumer-controlled data and a cutting-edge technology stack to deliver high-growth marketplaces that sell financial products.

ClearScore serves 17 million users in the UK, South Africa and Australia. The Group now partners with more than 150 financial institutions around the world to ensure that the right product reaches the right user at the right time.