2023 AWARD WINNER
Sponsored by MAS
Money Sweetspot is a sustainable finance business helping people find a way out of spiralling debt. It believes Kiwis who commit to getting themselves out of debt deserve support and rewards, not unfair interest rates and the threat of harsh penalties.
The Auckland-based business says life can be unpredictable and fragile, but with the right financial options every New Zealander can still find their sweet spot - a place where people, families and communities can move through debt, rather than be defined by it and stay in charge.
Launched in late 2022, Money Sweetspot provides financial reset debt consolidation loans. That means less money spent on interest and more on paying down debts. It has provided $5.3 million of financial reset loans to more than 220 customers, As a result, it’s estimated those customers have collectively saved $1.9 million in interest compared to their previous lending facilities.
Customers earn points by paying on time and learning more about how debt works. To date, customers have engaged with more than 2,000 pieces of financial education provided by the business. The points turn into extra money taken off their loan or paid into their savings account. Customers can also earn $100 each year to donate to their charity of choice through Good Registry. So far customers have donated more than $6,000.
Money Sweetspot says its innovative approach to lending and risk, together with the support of investors and funding partners, helps its team deliver systems-level transformational change, one customer at a time.
The judges said: "Money Sweetspot is the first social lender of its type with a better way for the under-served to refinance their debt. At the core of the organisation is a tech platform that resets lives by re-empowering clients. Money Sweetspot gives back to the community and other social causes."