Episode 23

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Published on:

7th Nov 2023

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!

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.

Let’s dive into it!

👉 You can find Gregor here

👉 And you can find Monica here:


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


—


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

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About the Podcast

Purpose Driven FinTech (& AI FinTech Innovations)
Building FinTech Products & AI in FinTech with Impact
Welcome to Purpose Driven FinTech!

I'm your host, Monica Millares - Product Leader and fellow FinTecher.

These days, with the rising cost of living, financial stress among customers, loss of trust in banks, speculation of crypto, and uncertainty, we're facing unprecedented challenges. But there is hope. We as FinTechers have the power to make a positive impact.

Our products, the how we do product, and our people can make a difference on customers’ financial lives - and as a result, in the quality of their lives.

However, more than ever Founders, CEOs, Leadership teams and all FinTechers have a ton of pressure to build solutions that actually solve customer problems, that people want, that are differentiated And profitable

Yes that's you and me too!

That's why I've created this podcast!

I speak with Founders, Product Leaders, VCs, and industry experts to uncover their stories, challenges, and lessons learnt in building products with impact.

You'll get to hear real-life conversations, and you’ll walk away with practical questions, frameworks and insights that you can apply to your own FinTech products. So, are you ready to make a bigger difference in FinTech?

Let's come together and discover how Purpose, Product, and People can help us create a future of better financial wellbeing while building sustainable and profitable FinTechs.

Follow me on LinkedIn, TikTok, and  YouTube to stay connected and be part of the conversation.

Cheers to making better FinTech and making FinTech better!

Love, Moni 

About your host

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Monica Millares

Monica advocates for financial safety for all. She is the Product Principal at BigPay, where she leads Product and Design. As part of the founding team, Monica led building BigPay’s product from zero to one, to multi product line, and international expansion. Her leadership shaped the culture and ways of working to grow from startup to scaleup. BigPay has over 1.4 million customers, and has presence in Malaysia, Singapore and Thailand.

Monica has almost 20 years’ experience in Financial Services. Prior to BigPay, she was one of the first joiners in UK’s challenger Tandem Bank, where she focused on building credit cards from scratch. Previously she worked in leading Financial Services brands like Visa, Barclays, and a Mexican Development Bank.

She sits on the Board of PayEd, and is recognised as Singapore’s #Fintech65 Product Leaders and Women in FinTech. She’s been multiple times speaker at the prestigious conference Money2020 and shared stage with JP Morgan, Standard Chartered Bank, Konsentus, and Money2020’s Rise Up. Her commitment to innovation and financial inclusion resonates in her podcast “Purpose Driven FinTech” where she explores how FinTech’s can have 10x more impact.

Monica has a background in Engineering and a Master’s Degree on Analysis, Design, and Management of Information Systems from the London School of Economics.