Karma fintech secures Scottish Government backing for salary advance app

Monday 27 April 2020 14:03 CET | News

UK-based fintech Karma, which offers interest-free salary advances, has been announced to be launched worldwide after a successful trial in Scotland.

The Karma smartphone app has been approved by the Scottish Government and has support from the fintech cluster at the University of Edinburgh's Bayes Centre, the hub for data science and artificial intelligence.

Employers who sign up for the system can offer staff monthly salary advances of GDP 300, which can be spent at the fintech's retailer partners including Tesco, Asda, Morrisons, Waitrose and Amazon. Consumer tests were carried out on Karma, mainly with employers in the west of Scotland. Employees pay no interest or fees and their credit score may improve, according to Karma staff.

The app is being backed by social investor Fortunis Capital.

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Keywords: Karma, Scottish Government, fintech, UK, United Kingdom, interest-free, salary advances, Karma app, fintech cluster, University of Edinburgh, Bayes Centre, artificial intelligence, Tesco, Asda, Morrisons, Waitrose, Amazon, Fortunis Capital, social investor
Categories: Banking & Fintech
Countries: World
This article is part of category

Banking & Fintech