06 Jun 2019
We’re delighted to be supporting a North East company that helps tackle the ‘poverty premium’.
incuto, which has an office in Cramlington and works as a technology partner for credit unions and the community banking sector, has received £100,000 from the North East Innovation Fund, supported by the European Regional Development Fund (ERDF) and managed by Northstar Ventures.
The funding will help support incuto’s expansion plans for its software solutions that are aimed at helping everyone have access to low cost, high quality financial services, as well as levelling the playing field between credit unions and less ethical payday lenders. incuto provides a technology platform which enables credit unions to offer a fully digital customer experience, as well banking and payment services, back-office automation and financial education.
Alex Buchan, Director, Northstar Ventures, said, “We’ve been impressed with incuto’s growth and scale-up plans, with a great team who are playing a key part in helping improve access to finance to low income communities. We’re pleased to be able to invest further funding and support to help them take their innovative solutions to the next level and work with even more partners and users.”
Andrew Rabbitt, CEO, incutosaid, “With its emphasis on funding scalable and high impact businesses, Northstar Ventures is a perfect partner for incuto. We have ambitious growth plans in 2019, specifically we will significantly increase the number of Credit Unions using our platform and grow the user population to over 1.2 million. We truly believe the right technology is key to tackling the Poverty Premium, and improving access to lower-cost, affordable lending. We look forward to working closely with the Northstar Ventures team as we enter our next exciting phase of growth.”
incuto works in partnership with credit unions and community banks across the UK, including Northumberland Community Bank. Its technology offers a digital channel (mobile and web), reducing the cost and time of decision-making (from days to minutes) and providing an automated, end-to-end process, from applying for a loan to cash in the customer’s account within minutes. This allows credit unions to better serve their communities, update legacy technology and improve access to services which ultimately drives member engagement and sales for these organisations.