Founder: Loqbox shares shocking stats! and the path to helping 1,000,000 people build their credit scores and improve their financial wellbeing | Gregor Mowat, Founder & Co-CEO at Loqbox

• 11.5 million people in the UK have less than a hundred pounds in savings
• 9 million people are in serious debt
• 81% of young people in the UK feel anxious about money
• 73% of adults say that money worries impact them at work
• 58% of people do not understand money and say they don't recall being taught anything about money at secondary school or sixth form college

that’s why Loqbox exists!

Loqbox is a multi-award-winning FinTech and they are in a mission to “give everyone access to a richer life.” Gregor is the Co-CEO and Founder of Loqbox, and in this episode he shares with us the shocking reality of financial wellbeing of people in the UK… and what Loqbox is doing as part of the solution

We must understand the basics first, so we explore how solving a customer problem while having market demand is key to building purpose driven FinTechs, what do we mean with financial wellbeing, the relationship between our credit score and financial wellbeing, Loqbox’s customer segments and the personal finance tools they’ve built to enable people build up their credit histories and access finance methods that they may have previously been excluded from.

Gregor is an experienced entrepreneur and executive and non-executive director, has lovely leadership style, and has lived and worked in countries like Kazakhstan, Brazil, South Korea, and Thailand!

Let’s dive into it!

👉 You can find Gregor here

• LinkedIn: https://www.linkedin.com/in/gregor-mowat-03b85b3/
• LinkedIn Loqbox: https://www.linkedin.com/company/loqbox/
• Website: https://www.loqbox.com/en-gb/

👉 And you can find Monica here:

• LinkedIn: https://www.linkedin.com/in/monicamillares/
• YouTube: https://www.youtube.com/@moni_millares
• TikTok: https://www.tiktok.com/@moni_millares
• Website: https://moni-millares.mystrikingly.com/

If you enjoy this Purpose Driven FinTech episode it would mean the world if you subscribe and give it a follow so that we can have more impact. Remember to connect in YouTube or LinkedIn to keep the conversation going.

In this Purpose Driven FinTech episode we cover:

(00:32) How to build Purpose-Driven Fintechs

(03:19) The Triad of Market Readiness, Founders, and Regulations

(04:18) The Shift from Growth to Profitability

(06:16) The Story and Purpose of Lockbox

(07:38) The Three Pillars to Access a Richer Life

(07:42) The Importance of Financial Education and Habits

(08:36) Building a Good Financial Profile

(09:17) The Journey from Debt to Savings and Wealth Enhancement

(15:20) Understanding the Customers of Lockbox

(24:12) Understanding Financial Wellbeing

(25:09) The Intersection of Financial Health and Personal Feelings

(26:30) The Impact of Financial Anxiety

(27:34) The Role of Education in Financial Wellbeing

(28:52) The Importance of Financial Health

(30:11) The Effects of Financial Stress on Work

(43:09) The Power of Financial Coaching

(46:03) Putting the Customer at the Heart of Fintech

SEARCH QUESTIONS

• How to build credit score from scratch?
• What is financial wellbeing in the UK?
• How many people in UK have no savings?
• What is credit history building?
• How to improve credit score while saving money?
• What are the barriers to financial inclusion?
• How to build credit score at 18 years old?
• What is Loqbox Save and Loqbox Grow?
• How to report rent payments to credit agencies?
• What is the relationship between credit score and mortgage rates?
• How to rebuild credit after debt management plan?
• What are credit score bands in the UK?
• How to help new immigrants build credit?
• What is unregulated financial advice?
• How to democratize financial coaching?
• What is the impact of money anxiety on work?
• How to change financial behavior through product design?
• What is the "so what" principle in product development?
• How to help vulnerable customers with credit building?
• What are the unintended consequences of credit building tools?

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Production and marketing by Monica Millares. For inquiries about coaching, collabs, sponsoring the podcast or creating or editing your podcast email Monica at fintechwithmoni@gmail.com

Disclaimer: This episode does not constitute professional nor financial advice and does not represent the opinion nor views of my current, past or future employers. The guest has agreed to record and release our conversation for the use of this podcast and promotion in social media.