Blackbullion – Best For-profit Fintech – Special Commendation | The MAIAs 2022
University graduates frequently start adulthood in debt and with little knowledge of how finance works. Blackbullion is a financial well-being platform that aims to change that.
Michael Gilmore, a MAIA co-founder, said, “Money is a significant issue for most students, which then impacts their studies and their mental health. Blackbullion helps them access funds they are eligible for and teaches them basic financial skills like budgeting and planning. This is such a valuable contribution at a crucially important time in people’s lives.
The MAIA judges liked how much help Blackbullion provides young people, they gave it a Special Commendation in the fintech for-profit category.
Ola Szaran, the Chief Marketing Officer for Blackbullion, says, “We are championing financial well-being and helping students develop monetary skills while improving access to funding for young people. Our Funds Management System (FMS) is a customisable fintech solution that makes it easy and fast for students to discover and apply for eligible funds.”
The FMS was only launched in October 2020 and has already proved successful. It streamlines and simplifies the online experience for students applying for hardship, funds, loans, and scholarships, reducing the application process from an average of 2-4 weeks down to 48 hours.
Ola says, “Each university has its own funding process, so our platform provides a cohesive, seamless, and integrated user journey. This makes things more straightforward for students and can help alleviate some of the stress they are under.
“For example, our Student Money & Wellbeing 2022 nationwide study of over 1,000 UK students found that 75% actively worry about finances, with 57% of those saying this negatively impacts their mental health.”
Blackbullion doesn’t just help with funding access; it also provides tools and resources to help young people improve their financial literacy. This includes issues such as budgeting, the risks of ‘Buy Now, Pay Later’ options, avoiding common scams, and checklists for reaching financial goals.
The platform has grown rapidly and continues to expand its reach. Ola says, “We work closely with a community of over 50 partner universities and colleges across the UK, Australia, New Zealand, and South Africa. At present, we can reach over a million students and proactively support them daily.
“In addition to the resources on the platform, we have a webinar programme and engagement initiatives such as UniBattle and The Student Festival of Financial Wellbeing. We’re committed to collaboratively shaping the future of financial well-being.”
The approach has proved successful, with over £7 million of funds awarded by university partners to students since October 2020, using the Funds Management System. Both the students and staff benefit from the platform.
“By easing the financial stress faced by students, they can improve learning outcomes and decrease anxiety. 45% of students surveyed said they are more able to focus on their studies due to using Blackbullion to apply for funding,” Ola says.
“It also transforms the delivery of student support services by centralising the financial support process, empowering staff to assess applications quickly, and to deliver funds to applicants instantly. Benefits can be measured in terms of saving time, reducing manual admin, and eliminating security worries.”
MAIA co-founder Michael Gilmore said, “The Blackbullion platform is such a valuable contribution to financial literacy, enabling students to pursue their studies with better mental health and hopefully start their adult lives with lower debt burdens.”
For more information, you can visit their website, or email us at michael@maiawards.org.