A note from Mark Fisher, our CEO2020, has been a very challenging year for lots of people. I wanted to reach out to those of you who are struggling financially as a result of Covid-19 and to those who were in difficulty prior to this year.
The UK is facing an unprecedented crisis with 23% of the population now reported as being in poverty. 14.9 million people are now behind on their bills and the number of people receiving Universal Credit has reached 5.7 million. Those consumers are invaluable to the UK economy and the failure of the major banks to support this segment of society is shameful. The need for a financial service provider to support low and middle income consumers and help them to manage their finances is now more important than ever.
Finexos, was designed from inception to handle this situation. I want to give you hope that you have not been forgotten and give credit to the people behind the scenes who are building our technology to ensure we can help so many of you. Our team has worked remotely for the past 11 months and although we were presented with many challenges, I am delighted to say that they adapted quickly and proceeded to deliver our prototype, despite working sometimes from thousands of miles away.
We understand the importance of our mission and that millions of people have simply been left in financial limbo for too long. Our work designing the technology required, has been one of enjoyment knowing the positive impact it will have on the lives of so many. I also believe that our approach and support will be instrumental in repairing some of the damage to peoples lives.
If you are someone in financial difficulty, remember that it is situational and I am speaking from experience. The problems that you are facing are not insurmountable nor worth the stress you are going through. I know from my time working on the FCA consumer vulnerability workgroup; that positive changes are coming, for many of you those changes cannot come quickly enough. However, there are complex regulatory requirements, licenses and permissions required to
operate properly in the market. You have my assurances that we will leave no stone unturned when making sure that your safety and the continuity of our services are concerned.
2021, will be a year of different challenges as continue building out the technology and prepare our products and services for market. There has been considerable delays in raising funding due to Covid-19. However, we have huge interest from investors looking for an ethical and socially responsible project.
We won the 2020 Fairer Finance Hackathon which saw Finexos beating competitors from all over the globe to provide solutions directly to the UK market. I want to send a special thank you to Richard Halliwell and CPRAS who are also dedicated to solving the issues facing so many people in the social sector.
There has been a huge response from partners and our shareholders who invested at the very earliest stages of the business and supported us throughout. I would like to thank all of those people who have helped us through 2020 and especially the team working within Finexos for their dedication, understanding and for the commitment that they have shown.
I am extremely grateful and wish you all a Happy Holiday Season.
Founder and CEO Finexos