Our Mission
We’re providing borrowers with alternative type of lending. How are we doing this? By using a completely new method of affordability assessment removing the need for a strong credit score. We assess our applicants on the here and the now, because when it comes to lending money….. You’re more than your score!
Our Mission… Fair Lending.
We’re providing borrowers with an alternative to toxic high-cost lending. How are we doing this? By using a completely new method of affordability assessments and doing away with out-dated credit score. We judge our applicants on the here and the now….that’s Fair Lending.
Measuring our success
Salad Money use the UN framework of social impact assessment to measure how we are performing in our social goals. There are 5 million+ public sector workers and we look at the following impacts we can have on them:
of Salad Money’s public sector customers are female with 17% male (8% are unidentifiable).
The majority of Salad Money’s public sector customers are under the age of 44, with 31% over the age of 45.
of Salad Money’s public sector customers are supported by some sort of benefit.
of Salad Money’s public sector customers are private tenants. With 19% owner occupiers, 10% living with parents, 15% housing association tenants and 16% council tenants.
of Salad Money’s public sector customers are in the first 3 IMD deciles (Index of Multiple Deprivation), with 28% in deciles 4 to 6.
The credit market re-imagined
For many credit score is not a fair way to be assessed for a loan. Excluding these applicants from affordable credit only drives them to toxic lenders. We’re changing things…using our Open Banking application process, we can lend money to those in the public sector harshly excluded by the mainstream lenders.
Where it all began
Salad Money was established in 2018 after the identification of a severe lack of affordable credit for individuals with impaired credit score. Open Banking was identified as the technological solution and carried forward by CEO Tim Rooney. Salad Money to date has lent over £80m to people working in the public sector.
Why we are different
The social goals of the business come at the heart of everything we do, our employees are driven by helping people and the pleasure we get is through hearing about the support we have provided.
Benefits checking: Find out what you could claim
Did you know £16bn in benefit entitlement goes unclaimed each year in the UK? Ensure you are claiming what you are entitled to, using our free benefit checker below.
"Salad Money is a fantastic place to work, with a team of people all focussed on supporting people across the UK, with access to credit. The team I work with are insightful and thoughtful about everything they do and it’s a pleasure to work with them every day."
University of Edinburgh report
Salad Money is committed to creating a fairer and more inclusive financial market for all. Understanding the current financial situation of consumers in the UK is key to this. As such we commissioned the UNIVERSITY OF EDINBURGH to review our anonymised data to produce an independent report on the current financial state of key workers in the UK.
Ownership
Salad Money was founded as an ethical alternative to payday lending. It is ultimately owned by Agnes Campbell. She also owns Salad Money Mind, a free benefits checker - www.saladmoneymind.co.uk. Her husband, Alan Campbell, runs a not for profit campaigning service, Debt Hacker - www.debthacker.co.uk.
Our Leadership
Salad Money’s Board are an experienced group who are driven by the social aspects of the business.
Tim is a seasoned entrepreneur with a track record of building technology businesses. Following an early career in property management, Tim created an online tenant and candidate verification platform which eventually captured 5% of the UK tenant referencing market. Subsequently Tim developed innovative software utilising consumer datasets for Experian, Big Issue Invest and Barbon Insurance, a Carlyle-backed investee company. Tim continues to be a passionate proponent for appropriate and affordable lending, and serves as a non-executive director of Responsible Finance, the national membership body for providers of responsible finance.
Emmett has over twenty years’ experience working in consumer credit principally serving the credit excluded within a start-up or innovation environment. He has risk management, commercial and regulatory knowledge encompassing loans, credit cards and retail finance. Previous roles include Senior Credit Risk Manager at Vanquis, Head of Credit Risk at Close Brothers Retail Finance (acquired by Klarna in 2017) and Head of Personal Loans at NewDay. He holds a MSc from Lancaster University and a BSc from Southampton University.
Phillip has eighteen years’ experience working in FCA-regulated start-ups and boutiques. He has broad financial services knowledge encompassing asset management, wealth management, fintech and lending. Previous roles include Head of Finance at Inflexion Private Equity, Head of Funds at Funding Circle and Finance Director at Pemberton Asset Management. He is a Fellow of the Institute of Chartered Accountants in England & Wales and holds a MA from Oxford University.
James has over twenty years’ experience in consumer finance and marketing, including sixteen years at Capital One. He has broad experience in Credit Risk, Analytics, Marketing, Strategy and Product across the UK credit card and consumer finance landscape. Previous roles include Head of Marketing Strategy, Head of Subprime Lending and Product Director at Capital One. He holds a MMath from the University of Manchester.
Tim worked for Nationwide Building Society for 20 years, the last 10 as CEO. During this period he initiated and oversaw a whole range of initiatives aimed at making both personal financial services and house purchase easier for members on low incomes. Subsequently he was Director General of the Institute of Directors, and then Chair of several organisations including public companies, Royal London Insurance (the largest mutual insurer), Investors in People, the Higher Education Funding Council for England, and Homerton University Hospital NHS Trust. As well as chairing Salad Finance, he is currently involved in a range of activities with a social purpose.
John is the Managing Director of Social Business Development. Social Business Development works across the public/private and social economy sectors to establish value-led partnerships that can deliver scale, sustainability, and improved social impact in the UK. John has worked in the Social Business sector for over twenty years creating and growing social businesses. He was for seven years a director at The Big Issue Group, a member of Big issue Invest’s investment committees and led on the development of The Rental Exchange initiative with Experian. John is a non-executive director of several social businesses and charities across the UK and holds advisory roles on several FinTech organisations. John is passionate about providing opportunities and support to areas of society that are being under-served by current and appropriate public services.
Tracey is a marketing and business development professional who has spent the last 20 years working in the social sector. She was the founding Managing Director of the Hospice Quality Partnership, a social enterprise owned by 70 UK hospices; and Head of Mergers and Partnerships for Eastside People, the leading social sector consultancy. Tracey is a non-executive director of several businesses and charities and is passionate about the ability of social business to engage with and support excluded and disadvantaged communities.
Paul is an Executive Vice President with the Capgemini Group where he has undertaken various leadership roles including Business Unit CEO, Board General Secretary, Global Programme Leadership, Corporate Development and Head of Commercial & Risk. He also represents Capgemini on a number of industry bodies, including the Confederation of British Industry and the French Chamber of Commerce in the UK.
Paul has also held Non-Executive Director positions with Working Links Ltd, helping people into employment to change their lives and create new futures and with The Big Issue, aiming to eradicate poverty.
Alex Marsh has extensive leadership and board experience in the banking, payments and fintech sectors, with a portfolio spanning board advisory, strategy consulting and NED roles. He is currently serving as an independent non-executive director for the Centre for Finance, Innovation and Technology (CFIT) with the mission to champion fintech in the UK, building on his previous role as the UK CEO of Klarna where he oversaw growth to in excess of 18 million consumers. Prior to this he spent 10 years in leadership roles at Close Brothers, the UK merchant banking group, across SME and consumer lending. Alex is a Chartered Accountant and has a strong commitment to social impact, having co-founded Charterpath to help connect non-profits with volunteer financial skills, and acting as an industry advisor to The 93% Club, a charity levelling the playing field for young people from state school backgrounds.
OVERSIGHT BOARD
The Oversight Board was established by Salad Money with the purpose of ensuring that everything Salad Money does is based around its social impact. By creating this independent board Salad Money can ensure social impact is at the forefront of everything we do.
Lord Iain McNicol of West Kilbride is a British Labour politician and trade unionist . He is a Labour member of the House of Lords having being introduced in July 2018. He is a life Baron. Iain served as the General Secretary of the Labour Party from 2011-18, moving from the position as National Political Officer of the GMB Union. He has a long history of organising in both the Labour and trade union movement. He is also on the board of the National Citizen Service (NCS).
Baroness Evans of Bowes Park is a Conservative member of the House of Lords. She was appointed as a life peer in October 2014. Natalie was Leader of the House of Lords and a member of the UK Government’s Cabinet between 2016 and 2022 - the longest serving Leader for 70 years. Between 2015 and 2016 she was a junior Government minister in the Department of Education, Department for Work and pensions, and the Ministry of Justice. Before entering the Lords, Natalie held a variety of senior positions including CEO of the New Schools Network, Deputy Director of Policy Exchange, and Head of Policy at the British Chambers of Commerce.