Fintech is a Village: Insights from SteadyPay at WebSummit 2023

This year’s WebSummit was a melting pot of ideas and innovations, with over 70,000 delegates converging to witness the future of tech. Among the standout moments was a speech from our CEO, John Downie of SteadyPay (or JD as he prefers), which we're excited to share with you!

Addressing the Cost of Living Crisis

JD  began by highlighting the current cost of living crisis, shedding light on the stark reality: "11 million people in the UK and about 37 million in the US living in poverty." The situation is exacerbated by dwindling savings, with "about 30% of people having none.

Fintech: A Collaborative Solution

The core of the speech revolved around the idea that "Fintech is a village." This concept emphasises collaboration within the fintech sector to address these challenges. "Imagine if you could spend less but earn more, find the perfect job, optimise your spending, pay less on your mortgage," JD said, envisioning a unified fintech approach.

SteadyPay: A Key Player in the Fintech Village

SteadyPay's role in this 'village' is focused on lending. "We focus on the lending components, so embedded lending white label," JD explained. The aim is to integrate various fintech solutions into a seamless, customer-centric experience.

Real-World Impact and Future Plans

JD shared a success story about a partner bank that implemented SteadyPay's embedded lending platform, resulting in a "20% uptake from their customers using the wage advance product." This innovation is especially beneficial for financially excluded individuals. "They're gonna roll out credit building next," JD added, indicating a future where SteadyPay helps customers improve their financial standing.

Our Role in the “Village”

In the dynamic landscape of the envisioned Fintech Village, our vision at SteadyPay is to serve as a pivotal embedded finance solution for Neobanks, financial services, and transaction providers, cementing our commitment to revolutionising the industry.