UK-based Fintech, Hope Macy, has just raised in a recent seed round which saw backing from the Development Bank of Wales and an angel network.
Hope Macy has developed an integrated technology platform offering three core products focused on consumers who require extra security when managing their money. This includes DataFlex, the implementation of open finance technology, which searches a consumer’s financial data and then uses the analytics to identify reasons for vulnerability. Its credit reference service Affordwise, generates an analysis report used to assist the consumer obtain affordable credit, arrange debt repayments, or find alternative sources of income. Finally, the Family Connect product which is an automated assistant that looks out for financial transactions that could be problematic and alerts a family member to this issue.
The three products are already in use across a range of lenders and debt management firms in the UK. With this round of funding they will be able to develop and roll-out its regulated Open Banking and AI platform to counter the 17.5 million consumers who are in a financially vulnerable circumstance falling into debt, unable to obtain credit or falling victim to scams.
Jack Christopher, investment executive at the Development Bank of Wales, said: “We’re thrilled to be a part of Hope Macy’s journey with our investment – Sam and Graham will continue to innovate within the consumer credit space to produce solutions that will tangibly help those who are in most need gain access to credit fairly and affordably.”