Salad Money is the brainchild of our founder Alan Campbell. Alan recognised there is a severe lack of affordable credit for people with an impaired credit score, so in 2018 he decided to start a credit revolution.
Alan’s vision was to harness the potential of open banking, dispensing with credit scores, to give millions access to affordable credit.
Alan has made the investment to develop the technology and AI that enables Salad Money to make our credit decisions in a different way. Salad is the first lender to exclusively use open banking credit decisioning without reference to credit scores since May 2019.
Alan Campbell is a successful entrepreneur and consumer campaigner. Founded and funded a two year campaign on behalf of 625,000 Scottish Power customers who had been defrauded of £75m. This cumulated in an All Party Parliamentary Group of MPs concluding that “There is no doubt in our mind that selling a Cashback Promise that was neither financially capable of functioning, nor designed to deliver, constitutes a fraud on the public.” Alan spearheaded and funded Debt Hacker (www.debthacker.co.uk). By giving honest information and free, easy-to-use online tools, Debt Hacker helps people get refunds for loans that should never have been issued in the first place. Debt Hacker is a not for profit campaign that has assisted borrowers to make over 22,000 complaints against unaffordable lenders representing some £10m of unaffordable loans.
Alan’s vision is for Salad Money to be at the forefront of the credit revolution the outcome of which will be the establishment of the mid cost affordable credit market serving those currently excluded from affordable/any credit. To see this vision to its conclusion Alan has committed £8 million to Salad to prove the technology and this radical new lending model that relies on exclusively on open banking for credit decisioning.
We developed our Open Banking Technology
Here at Salad Money we don’t judge our applicants on credit scoring we feel this is an outdated method of judging someone’s capability of affording a loan. So we decided to build an advanced technology system that makes decisions in a different way, this tech developed over time gives us the ability to make credit decisioning based on a persons actual financial situation rather than a credit score which can be 6 months out of date. This is done using Open Banking Data.
We partnered with NHS Trusts
Once our technology was built we went about partnering with NHS Trusts enabling us to better help those NHS employees underserved where they live, we started by partnering with Mersey Care NHS Trust, this has helped to serve a large portion of NHS employees in Liverpool one of the UKs most credit sparse areas.
The HM Treasury backed Nesta Affordable Credit Challenge
In October 2019 Salad Money gained recognition for the work that we’ve been doing, we were selected as one of six finalists in the HM Treasury backed Nesta Affordable Credit Challenge. This has demonstrated our ability to supply affordable credit into credit sparse areas of the country supporting under-served NHS employees.
We intend to continue our work with NHS Trusts and support as many NHS employees as we can, we continue to improve our offering with developments to come that will further help public sector workers improve their financial situation and increase their access to the affordable credit they deserve.