borofree is the first salary advance solution that is cost-free for both the employer and the employees. We give people access to up to £300 their salary before payday to buy the products and services they need with gift cards through our platform – and without incurring any fees or interest.
Repayment happens automatically on payday. For employers, we help increase employee wellbeing and productivity. For employees, we help them break the vicious cycle of debt and help them gain financial confidence.
How did you come up with the idea for the company?
Our idea for borofree began after seeing how unethical and unfair the financial world can be. For too long, our financial system has left millions of people stressed, embarrassed and full of fear.
We felt enough is enough. Our mission is to create better, fairer financial services with true human value. borofree is fighting for a world where hard-working people get financial support that’s responsible and delivers what they need, when they need it most. We’re not a financial product, but a financial partner. We show up every day to help more people feel more confident in their everyday lives. Our goal is to help solve the personal debt problem together with the UK’s hardworking workforce.
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How has the company evolved during the pandemic?
Launching in the midst of the pandemic, we believe that our offering has never been so important. Our recent research, revealed that over a fifth (23%) of UK adults have been unable to afford or pay for expenses, including food, clothing, mortgage, rent and utility bills at some point during the pandemic.
A similar proportion (19%) have seen a fall in their income during the last 12-months, rising to over a third (35%) for those in part-time work. Many employers don’t realise the impact that these types of financial worries can have on their workforce, which brings with it poor mental health, a lack of productivity and often spirally stress.
Therefore, it is vital that hard-working people are being offered the fair financial support they deserve, to the benefit of both the employee and the employer. In the wake of the pandemic, businesses need to ensure they are in a strong position for recovery and growth and having a happy and productive workforce sits at the heart of this and offering employees support with their financial wellbeing is an important way to do this.
What can we hope to see from borofree in the future?
borofree wants to continue on its mission to build technology-driven solutions that are purposeful, relevant and future-ready. We create solutions that help the society’s most vulnerable gain financial confidence and a sense of possibility. We will continue to evolve our technology and offering, as well as introducing more leading retail partnerships to our platform, but our commitment will remain the same. Success, to us, is about helping solve the UK’s personal debt problem.