Funding boost helps fintech disruptor Soar change the face of ethical banking

Wednesday May 15th, 2019

Fintech disruptor Soar aims to change the face of ethical banking following the award of a £450,000 Research and Development (R&D) grant from Scottish Enterprise (May 15th).Government Opportunities

The Glasgow based company is developing a cloud-based and fully-integrated banking platform for credit unions and other not-for-profit banking organisations. The grant has also led to the creation of 15 additional jobs – bringing Soar’s total headcount to 22 – and will allow it to target new overseas markets including Ireland, Germany, the United States, Canada and Australia.

Soar’s new software will be the first of its kind, allowing ethical banking institutions to analyse and manage data more effectively and securely, use artificial intelligence, make better and faster loan decisions and offer state-of-the-art online and mobile banking products to their members.

Public Finance and Digital Economy Minister, Kate Forbes, visited Soar’s Glasgow office to meet the team and representatives from some of the credit unions the company works with. She said: “I am delighted that this £450,000 research and development grant, funded by Scottish Enterprise, will support Soar’s ambitious plans to develop an innovative platform for Credit Unions and other ethical banks.

“As the UK’s leading destination for foreign direct investments outside of London, and the best in the UK for attracting high value R&D projects, the Scottish Government has set an ambitious target to double Business Expenditure Research and Development to £1.75 billion by 2025 and have boosted existing R&D grant funding by £45 million between 2018 and 2021- an increase of almost 70%.

“Projects like Soar’s help sustain Scotland’s international reputation for innovation, moving us closer towards achieving an even more elevated status in the global innovation sector.”

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