Ethical fintech Salad Money has partnered with open banking platform Yapily to provide NHS staff with fair and reasonable loan options.
This comes after research from Salad Money found that 80% of its NHS employee applicants are currently looking for ways to get out of their overdraft.
Through the partnership, Salad Money has processed over 2,000 applications in the space of two months, providing access to over £600,000 in affordable credit for NHS employees.
Tim Rooney, Salad Money CEO, said: “With finances stretched like never before due to Covid-19, people simply cannot afford to be at the mercy of high overdraft charges or forced into taking unaffordable credit loans. Now more than ever, we need an accessible, mid-cost credit market that will serve those who are currently excluded from appropriate and fair loan options.”
Leveraging Yapily’s open banking infrastructure enables the fintech to make credit decisions based solely on a person’s actual financial status, rather than outdated, incomplete or incorrect credit scoring data.
Rooney added: “Through harnessing Yapily’s technical expertise, we are able to continue taking on the flawed credit industry and deliver a completely new approach to lending. We believe that all lenders should adopt the principles of open banking to eradicate financial exclusion and open up low-cost loans for critical NHS workers.”
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Yapily’s open banking API
Yapily’s API works by extracting financial information directly from applicants’ bank accounts in order to create a true picture of their financial situation in real-time. This allows Salad Money to build and personalise loans to match their customers’ financial needs.
Stefano Vaccino, Yapily founder and CEO, said: “We are proud to be supporting Salad Money in creating a future of financial equality. Our mission has always been to pave the way to a world of greater financial well-being and control for all, and with this partnership we are doing exactly that.
“The economic impact of the Covid-19 crisis has placed huge financial pressure on individuals and businesses. With the ability to build better products and services, while mitigating risks during these uncertain times, open banking cannot be underestimated. Helping businesses like Salad Money to match consumers’ personal financial needs will ensure everyone has access to fair and reasonable lending options. We look forward to strengthening our partnership and creating even greater access to financial freedom.”
The two companies began their partnership in late April 2020.