Fair Finance raises £3m of social investment and (crucially) commercial finance for its Personal Lending business. It is the first time a deal like this is completed in the UK microfinance market. Supporters include Santander, BNP Paribas, Societe Generale, Nesta, Panahpur and the Ashoka Support Network.
The World Economic Forum recognises Faisel Rahman as a Young Global Leader for his work in creating Fair Finance and reducing financial exclusion in the UK.
Fair Finance’s CEO is invited to become a contributing columnist on the issues of financial exclusion. For the next three years the articles brought to attention of the general public the practices of the industry, the stories of the high cost credit users and alternatives to the payday and doorstep
Fair Finance makes its 1,000th loan and has now helped over 2000 people with financial capability advice. Clients are benefitting from across East London: Tower Hamlets, Hackney, Newham and Waltham Forest.
Fair Finance’s debt advice team win backing of the Government’s Financial Inclusion Fund and increase team to serve all of East London. Fair Finance opens its second office in Dalston, Hackney.
Ashoka, the global network for social entrepreneurs awards one of its first UK Fellowships to Faisel Rahman in recognition of the system changing potential of Fair Finance to reduce financial exclusion in the UK.
Fair Finance becomes one of the first community finance organisations in the country to start updating client payment histories to Experian. This helps to improve their credit scores and eventually access mainstream finance.
Fair Finance becomes the first financial organisation in the UK to commit to transparency by promoting public Lending Disclosure. Initially in annual reports and then online, Fair Finance publishes loan maps with details on where it’s lent and the demographics of its client by race and gender.
In partnership with RBS and Barclays, Fair Finance helps unbanked clients into the mainstream by opening accounts in their branches.
Fair Finance is a lender and not a credit broker.
