In a world where financial exclusion remains a major barrier for so many, fintech has the power to be a force for good – when it’s done right. But with so many companies claiming to drive positive change, how can we distinguish change-makers from profit-chasers?

Gregor Mowat, Co-CEO and Co-Founder of Loqbox a UK
credit-building business, shares his insights on what defines ‘fintech for good’, the challenges of doing the right thing, and where the industry is headed this year.

1. What makes a true fintech for good – and how you can tell them apart from the not so good? 

Fintech for good isn’t just about developing clever apps or maximising revenue; it’s about solving real-world financial challenges that hold people back. The most authentic fintechs in this space can provide tangible evidence of the impact they’re making.
Whether it’s helping someone escape financial invisibility or equipping them with the tools to build a stronger financial foundation, the defining feature of a fintech for good is measurable, positive change in people’s lives.

2. What are the biggest challenges fintechs face when trying to make a meaningful impact in the world?
One of the toughest challenges is scalability. It’s one thing to build a tool that works well for a niche audience but scaling it to reach millions (and across different markets and financial ecosystems) is a different challenge entirely. Fintechs must ensure their systems can grow without losing the personal, human touch that makes them effective in the first place.

Another major hurdle is accessibility. Many of the people fintechs aim to help, such as those who are financially excluded, face additional barriers like language differences, limited financial literacy, or even financial abuse. Tackling these issues requires more than surface-level solutions; it demands empathy, a deep understanding of the root causes of exclusion, and a commitment to addressing them.

There’s also the issue of long-term impact. Quicker fixes, like improving someone’s credit score or encouraging short-term savings, are great and admirable, but true financial health requires lasting behavioural change. That means embedding education, habit-building, and ongoing support into fintech products so users can sustain and build on their financial gains over time.

3. Is it really fintech’s responsibility to ensure positive social impact?

I do believe fintechs have a responsibility to make a positive difference. Not every fintech will be positioned to solve systemic financial issues, but those that prioritise social impact have a unique opportunity to drive meaningful change. Even if social impact isn’t their primary mission, fintechs can still contribute to a better financial future simply by acting responsibly and ethically.

Millions remain unbanked or underserved, and fintechs are in the best position to challenge the status quo by creating solutions that are more inclusive, accessible and fair.

At the end of the day, fintechs aren’t just building apps, they’re reshaping how people interact with money. The ones that will stand the test of time are those that combine innovation with a genuine commitment to improving lives.

4. Which fintech sectors will make the biggest difference to our overall financial wellbeing in 2025?
Several fintech sectors are poised to drive major improvements in financial wellbeing this year, but one area that stands out is credit-building – a space I’m particularly passionate about.

In the UK, millions of people struggle to access credit not because they’re financially irresponsible, but because they lack a credit history. This can happen for various reasons – young adults who haven’t had the chance to build credit yet, people who have always relied on debit cards or savings instead of borrowing, those new to the UK without a credit history here, or individuals who have paid bills like rent and utilities on time but haven’t had these payments tracked as part of their credit history. Many of these factors shouldn’t be barriers to financial inclusion.

Innovative solutions, such as reporting rent payments to credit reference agencies and savings-linked credit-building, are helping to break down these barriers and give people the opportunity to take their first steps toward financial empowerment.

Our research has found that around a quarter of Brits (24%) believe that improving their credit history would boost their financial wellbeing in 2025. This highlights just how essential these fintech tools are – not just for accessing credit, but for unlocking broader financial opportunities and long-term security.

Fintech has the power to transform lives, but only if companies prioritise real, lasting impact over short-term gains. The future of fintech for good lies in solutions that are scalable, accessible, and sustainable, empowering people to take control of their financial futures.