Ethical debt consolidation lender Money Sweetspot has received a $5m debt facility from, The Tindall Foundation.
The money will be used to fund debt consolidation loans to the growing number of Kiwi families facing unmanageable debt.
The Tindall Foundation was one of the first investors in Money Sweetspot, and joins Soul Capital’s impact fund Te Pae ki Te Rangi and BNZ in providing much-needed affordable lending capital to help the company support its customers.
The debt funding will be used to increase access to its innovative financial reset loan to a further 300-400 families across Aotearoa.
“We are grateful for the continued support of our courageous investors and funders. In challenging, cold, economic times it can be tempting to hibernate, or wait for the storm to pass, but it is exactly in these times that we need lead with heart and courage. With $17m of debt funding now available, we are well on our way to our next goal, which is to help 1,000 more families this year,” said Sasha Lockley, co-founder and CEO of Money Sweetspot.
“But it shouldn’t fall solely on philanthropy and impact investment to support innovation in this sector. We are fortunate to have partnered with The Tindall Foundation, Soul Capital, and BNZ who share our vision. If others in the commercial/corporate sectors and government were able to be as agile and responsive as the philanthropic sector then we could help so many more people,” said Sasha Lockley.
The Tindall Foundation Manager John McCarthy says the $5m injection reflects its belief in Money Sweetspot’s Kaupapa.
“We’ve invested $5m today because we believe in social inclusion and equity in communities. We are fortunate in philanthropy in that we can be nimble and reactive when we need to be, and we encourage others to get involved. The results that we’re seeing are a great example that shows what can be done when investing in impact like this." said John McCarthy.
Jamie Newth, Founder and CEO of Soul Capital adds;
“Our Kaupapa is about proving the power of investing to change systems. We need leaders like Money Sweetspot and The Tindall Foundation to achieve that. So this collaboration is exciting! Money Sweetspot is demonstrating what's possible with ethical finance – real work with our communities, not just vague ideas discussed around the board table. We're stoked to be investing in their awesome work in crowding out predatory lenders and supporting those whom our financial system ignores."
Money Sweetspot is a nationwide, purpose-driven lender whose mission is to support motivated New Zealanders out of debt, and on with their lives through our financial reset loan, financial education, and incentives and rewards for staying on track. We work in collaboration with community, businesses, employers, and families to support families out of debt.
Since launching in December 2022 Money Sweetspot has spoken with over 3,000 families juggling over $60m of higher cost debt and has been able to provide financial reset loans of over $13m to nearly 550 families; creating breathing space and a pathway out of debt that includes financial education, incentives, rewards, and a focus on positive impact over profit.
If you, your community, business, or employer would like to see how a financial reset could provide financial breathing space and a pathway through debt, please check out its community hub or reach out to Sasha via email (sasha@moneysweetspot.co.nz) or phone (022 154 5913).
The Tindall Foundation is a family foundation that seeks opportunities to support innovative, forward-thinking initiatives that make a positive difference for Aotearoa New Zealand, in areas of whānau, community and environment. Supporting initiatives that have intergenerational impact, long-term benefits and reduce inequality, they prioritise joined-up approaches that make a difference from grassroots to systems change.
Soul Capital exists to contribute to making the world a more compassionate place for humans, the planet, and the life we share it with. Their approach is to target systemic change for a more sustainable and inclusive economy.
Te Pae ki te Rangi is Soul Capital’s current impact-first investment fund and is backed by cornerstone investor Foundation North. Taking an approach informed by systems-thinking, the fund invests in sustainable businesses, ventures and projects that are innovating meaningful pathways to equity, inclusion and environmental regeneration. It seeks to catalyse and connect investment capital with communities who are often excluded from investment-as-usual. Priority communities include Māori, Pasifika, Rainbow, Migrant and whānau living with disability
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