The UK fintech industry has become a critical part of the British economy. In the last decade or so, organisations have transformed the financial lives of thousands, reducing costs, strengthening security and enabling innovation.
The influence of fintech has been driven by several highly competitive businesses like Wise, ClearScore and Zopa Bank. With various challenges like the cost of living, the economic pressure on people is rising. One in four adults is experiencing financial challenges, and the number of people facing low financial resilience has increased by millions.
Fintech businesses can only support customers with these major challenges through collaboration. The financial technology industry was established based on creating positive change for customers. Through industry collaboration, fintech companies can provide solutions that ensure individuals avoid financial difficulties and enable them to enhance their financial resilience.
The 2025 Fintech Pledge
The 2025 Fintech Pledge represents an industry collaboration formed by Zopa Bank and ClearScore, created a cross-industry coalition of fintech companies and their supporting partners, joining forces to alleviate the financial living crisis.
The objective of the partnership is to generate 25 million customer actions by 2025 that focus on strengthening the financial resilience of UK customers. Based on an average of one action per individual, 25 million actions would equate to 50% of the UK adult population, representing a significant step towards improving financial resilience.
The pledge is achieving this by supporting cross-industry partnerships and connecting customers to fintech platforms that strengthen people’s savings, improve credit scores, consolidate debts and reduce utility and household bills. As a result of their efforts, in just over a year, the Pledge partnership has built up 50 members with a collective customer base exceeding 25 million. As a group, over 9 million actions have occurred to improve financial resilience.
Supported by the Pledge, the Money Charity is launching a multi-year series of workshops that increase the financial capabilities of those most in need. These workshops have a range of customers participating. One year on, the 2025 Fintech Pledge team has expanded a great deal about what makes collaboration a success. The team have identified four key variables.
Set realistic and achievable targets
The Pledge has ambitious goals focused on several key areas. The coalition spent time exploring where customers need the most help, how to strengthen financial resilience, and more importantly, how the group and their members can add the most value.
Creating a coalition supported by strong governance
It was critical to recognise the strengths of each member from the beginning. Following the launch, members were divided into different categories, and with different actions to focus on i.e. B2B organisations that raise awareness and reach other members, charities delivering support to customers and partners who support the goals or have relevant insights for consumers.
Driving impact with a multi-year approach
By segmenting the project over three years and implementing clear KPIs, the group intends to progress consistently and expand its reach. The first year focused on expansion, growing the foundations and establishing a financial education hub. Next year is about evolving their priority areas and developing new working groups, and 2025 is expected to be delivering a large-scale consumer partnership.
Every partner should be heard
The collaboration is committed to creating an inclusive environment where all members can communicate and participate in projects. The coalition intends to drive collective action and bring everyone together under one roof.
