Industry/sector: Financial services
Date founded: 2013
Founders: Frank Mukahanana
Location: Croydon The platform is targeted at middle-income families, a group Mukahanana believes has traditionally been under-served by the established players in the financial services industry. Financial education is core to his offering, which is designed to help people move from being part of a ‘debt-cycle’ to investing intelligently. QuidCycle’s flagship five-year borrowing product, Refinance+, allows users to consolidate existing debts in order to pay them off quicker, with cashback bonuses for customers who stick to repayment plans. Investors can opt for fixed-term, long-term investments or ongoing deposits. The company’s P2P lending model offers savers higher rates of return than they would get by putting their money in a savings account, while borrowers can take advantage of lower interest rates than offered by bricks-and-mortar banks with higher overheads. Borrowers who have used QuidCycle to pay down debts are encouraged to lend money to other users once they are financially secure.