We were honoured to be joined by a Salad customer, members of our team and partners for the official presentation of the King’s Award for Enterprise by The Lord-Lieutenant of East Sussex, Andrew Blackman CStJ.
Awarded annually by His Majesty The King on the advice of government ministers, the King’s Awards recognise outstanding success and achievement by UK organisations. Salad, which was created to give people underserved by mainstream credit greater access to fair, affordable loans, is the first retail lender to achieve this recognition in the 60-year history of the awards.
The ceremony took place on Friday 9th October in Brighton. Speakers included Zak, who spoke movingly about his experiences borrowing from Salad several years ago after recovering from a serious illness to find that his credit score had been damaged. Zak needed a small sum loan for a boiler repair, and said that without Salad the only options would have been much more expensive. Following his successful repayment of his Salad loan, Zak's finances are in a considerably stronger position and he now runs his own thriving businesses.
The King's Award recognition reflects Salad’s innovation in creating our own system to make credit decisions, based on analysis of applicants’ income and expenditure via Open Banking, and the profound effect this has had in building financial inclusion and resilience.
Receiving the Award, Salad CEO Craig Pennington described how the lack of access to affordable credit restricts productivity and participation in the workforce, means many households are trapped in cycles of repaying high-interest loans, and opens opportunities to illegal lenders.
Salad founder Alan Campbell's speech covered his own upbringing and the lived experience that drove him to launch Salad, as well as a heartfelt appreciation to Salad partners, investors and the team–current and former- who built the business.
Craig Pennington, CEO of Salad, said:
“We were incredibly proud to learn earlier this year that we had won a King’s Award, so officially receiving it is a major moment for everyone involved in this business. Salad was founded with the ambition to build something truly different, opening access to affordable credit to those not served or underserved by mainstream finance, and the rise in applications we have received in the last year shows how much this is critically needed. By looking at people differently Salad has successfully leveraged technology to unlock millions of pounds to help people get on with their lives. This award reflects the talent, commitment and ambition of everyone who has been a part of that journey.”
Alan Campbell, Founder of the Salad Group, said:
“We started Salad because too many people were being turned away by a financial system that didn’t understand them and wasn’t giving them a fair chance. We believed there had to be a better way to assess people and make good lending decisions, and we’ve spent the last eight years proving that. We’ve now lent to more than 200,000 people who mainstream lenders would not have supported. To receive a King’s Award recognising that hard work is a huge honour, and something that I and the whole team at Salad are incredibly proud of.”
The Lord-Lieutenant Andrew Blackman CStJ said:
“I am delighted to congratulate Salad on receiving The King’s Award for Enterprise for Innovation. As the United Kingdom’s most prestigious business accolade, The King’s Awards recognise organisations that demonstrate outstanding achievement, make a significant contribution through their work, and showcase the very best of British enterprise. My warmest congratulations to everyone at Salad Money on this impressive achievement, of which they should be immensely proud.”
Salad has is now the UK’s largest consumer lending Community Development Finance Institution (CDFI). Rather than relying on traditional credit scores, we use Open Banking to understand real financial behaviour and assess affordability based on someone’s circumstances today.
