On a Mission to End Financial Exclusion, Globally from the South West of England.

Financial exclusion is a major problem in the UK, with around 5.8 million people shut out from large parts of the credit market. For many, this is a difficult situation because if they’ve never had credit they can’t build a credit record. The consequence is that many turn to expensive sub-prime lenders and succumb to a spiral of debt. LOQBOX wants to change that.

Bristol based LOQBOX was started in 2017 by Tom Eyre and Gregor Mowat. In 2012, when Tom’s little sister was refused credit to buy a sofa, frustration with the inflexibility of the credit-scoring system drove him to start creating solutions to help people build their credit history to access fairly priced credit. As a former partner with global audit and advisory firm KPMG, Gregor has seen first-hand how many people are excluded from accessing fairly priced credit either because they are young with little or no credit history, or because they have made past credit mistakes.

Tom and Gregor co-founded LOQBOX after setting themselves a mission to find solutions to this problem that work for both the lenders and these financially excluded groups.

Since LOQBOX launched in 2017, we have helped hundreds of thousands of people to master their money while they save and build their credit score with the three main credit reference agencies. It works best for people early in their financial life or for anyone trying to improve their relationship with money. When they have finished their journey, LOQBOX customers have a better credit score, a nest egg of savings and the ability to achieve their goals. Ultimately, LOQBOX helps everyone to get the things they want without money getting in the way.

The aim is to give everyone and anyone the chance to achieve their goals, most of which cost money. For many people, their goals are unachievable because they have not had an opportunity to build a positive financial profile, they don’t have sufficient savings or they don’t understand how to make the financial system work for them.

How it works:

When you sign up to LOQBOX, you decide the amount you can afford to save in a year (£20 minimum monthly repayment) and a 0% loan is locked away for the same amount in the LOQBOX. You pay off the loan over 12 months, building a credit score as you go. Once the 12 months is up, you get your money back and hopefully an increased credit score.

LOQBOX employs more than 25 people and originally started life in
Bristol. Since the COVID-19 pandemic we have seen a major shift in the landscape for many businesses, LOQBOX has adopted a permanent working from home approach with the South West still very much at the heart of the business. This new model allows the team to grow using experience from across the United Kingdom whilst developing local talent within the region.

Being based in the Bristol region has given LOQBOX the perfect platform to grow both within the UK and internationally. The region has a number of leading Universities with a wide geographic pull, giving us access to the best talent across each function of the business.

We have seen a growing number of people looking to relocate from historic tech centres such as London to benefit from everything the west country has to offer. Good communication links connect Bristol with London and the rest of the country, allowing us to work seamlessly with our partners across the UK.

LOQBOX continues to grow with a strong focus on technology and innovation, giving customers more flexibility and access to tailored coaching programmes. We have also launched in 40 states across America making LOQBOX one of the fastest growing FinTech companies from the South West.

We’re proud to have helped hundreds of thousands of people to improve their financial life.

Don’t take our word for it, here is what some of our customers have to say:

“This has helped me build my credit score and as someone who is 18 and new to finance, couldn’t recommend it more!"

- Harvey

“It was honestly the quickest, easiest thing to set up. My credit score has gone up 31 points and it’s because of LOQBOX”

- Abigail

Watch this space and find out more at www.loqbox.com or follow us on Twitter and Facebook @LOQBOX or email [email protected]


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