Solve, hosted and born out of Impact Hub Westminster, has launched The Finance Foundry, in partnership with the Finance Innovation Lab (see below to find out more about that), and we want your help to tell us who we should be talking to and watching in the Future Finance Movement.
To get us started, here are 5 of our favourite innovations from the last year and half:
1. Funding Circle – The marketplace for peer-to-peer lending has shaken up the small business loans market by offering crowdfunded loans to SME’s and good rates of returns to consumer investors. As of February this year, they had facilitated over £223 million of these loans.
2. Hotel Chocolat Bonds – This is genius! A corporate bond where you receive a 7.33% return per year on your investment, in chocolate. That’s right, you invest in the company and your interest arrives in chocolate. Is this the ultimate Mother’s Day gift? We think it’s a stroke of genius (see also the Loaf Loan for a similar idea but with returns in bread!)
3. Trillion Fund – Opening up the renewable energy investment market through their crowdfunded bonds. Trillion Fund are making real waves for both investors and investees. These guys are one not just to watch in 2014, they are one to put your money on!
4. Fair Finance – They are a social business based in London. They offer a range of financial products and services designed to meet the needs of people who are financially excluded. They aim to revolutionise personal finance, starting with the people whom the mainstream providers have left behind.
5. Social Impact Bonds – A social finance instrument designed to help reform public service delivery. SIBs are there to improve the social outcomes of publicly funded services by making funding conditional on achieving results. Investors pay for the project at the start, and then receive payments based on the results achieved by the project. Find out more about social impact bonds here.
 

What other organisations, projects or innovations should we know about or be watching? Tweet us @hubwestminster using #futurefin

 
The Finance Innovation Lab and Solve are together delivering the Finance Foundry to help build the market conditions for alternative business models in finance to thrive. Their ambition is to help seed a radically better financial system than the one we currently have.
The Finance Foundry will include a business accelerator with investment to support new models in the long term. They will be looking for the people with an alternative product or service that will help build this radically different financial system. Find out more here.

 

Best wishes,
Quentin Johns
Impact Hub Westminster Team