London-based Prograd – a 2021 alumni of esteemed start-up accelerator Techstars – has announced a partnership with Admiral Money to help young adults find and understand their sustainable lending products.
In Q2 2022 Prograd is launching a platform to help Gen-Z understand, access and manage any financial products they need to take on to move forward in life. Prograd leverages alternative data points and open banking to find the best borrowing, earning or saving solutions to a user’s specific financial needs. Admiral Money will support the startup’s initial focus on helping Gen-Z find sustainable and appropriate sources of funding for common young-adult needs, such as getting a car, staying in education, moving out or just getting by.
Co-founders Ethan Fraenkel and Marco Logiudice started the business after experiencing major difficulties finding and understanding options for financing their Masters degrees.
“We needed external support to afford completing our educational journeys but we had no idea where to start. Our short income histories meant banks wouldn’t lend to us. When we did find other options, we couldn’t understand the terms used and all that was left was really high-cost debt that we’re still paying off today.
“We’re launching the Prograd marketplace for the millions of other young people like us who need to better understand what their options are when it comes to finding funding to get from A to B, whatever goals they’re trying to reach. We’re proud to have a leader like Admiral Money on board to serve them.”
Through Admiral Money, Admiral has established a substantial lending division since its inception in 2016, providing sustainable unsecured loans and car financing.
Not a lender themselves, Prograd will curate relevant financing products from Admiral Money and 30 other organisations based on a person’s specific circumstances. Equally important for the young team as providing choice and understanding is rewarding ‘good’ user behaviour. Reaching a meaningful life milestone – like passing a driving test, clearing your credit card in full- gets you points that you can cash out or use for discounts on other products. Digesting any literacy content within their ‘Learn’ space has the same result.
The partnership arrives as the importance of financial literacy comes to the fore in the midst of the cost of living crisis. Prograd and Admiral Money want to empower prospective customers with a better understanding of their options when needing money for something.
The head of car loans and finance for Admiral Money, Craig Atter, said “Prograd’s mission to ensure no young person’s future is prevented by a lack of understanding or access to the financing they need is one we align with wholeheartedly. We’re really excited about the upcoming launch and what can be done better for young consumers.”
