Zopa Bank and ClearScore in bid to strengthen consumer finances by 2025

Digital bank Zopa and credit marketplace ClearScore have teamed up for a new cross-industry initiative – Fintech Pledge – to strengthen consumer finances by 2025 amid the rising cost of living.

According to the two firms, the 2025 Fintech Pledge will provide UK consumers with “10 million positive actions” to help them build up their financial resilience.

The actions will focus on four areas – savings, credit building, debt consolidation and utility marketplaces.

For savings, the action will consist of moving deposits from low to high interest accounts and setting up saving pots. For credit building, it will focus on signing up to credit building tools that provide access to “better value” financial products.

In the case of debt consolidation, it will promote the use of a debt consolidation tool to help people understand how much they could save each month by reducing financial obligations. The utility marketplace action consists of searching for lower-priced utility deals on digital marketplaces in order to save money.

Jaidev Janardana, CEO at Zopa says: “With the UK facing an unprecedented cost of living crisis, households need to use every tool at their disposal to build long-term financial resilience.

“This industry pledge – the first of its kind – will unite a wide variety of companies in one goal of driving positive financial actions for millions living in the UK.”

The launch of the initiative is the first phase of a “coalition-building plan” – with UK fintechs and partners across industries invited to join the initiative.