GS interviews Loqbox's Gregor Mowat

Financial exclusion continues to be a significant challenge worldwide, preventing millions from accessing the financial tools they need to build stable, secure lives. While fintech has the potential to break down barriers and create more inclusive opportunities, not every company in the space is truly working for the greater good, noted Gregor Mowat, co-CEO and co-founder of Loqbox, a credit-building specialist in the UK.

Fintech for good: all hype or real change?

With so many businesses branding themselves as catalysts for positive change, Mowat asked, how can we distinguish between those genuinely making an impact and those simply chasing profits? In the following Q&A, he offers his perspective on what defines fintech for good and the challenges of driving meaningful change.

1. Does fintech have a responsibility to drive positive social impact?

There's some debate about whether fintech companies should actively work to solve societal issues or simply focus on being profitable businesses. But in my view, fintechs are in a unique position to create positive change, and that comes with responsibility.

The fact is, that traditional financial systems have left millions behind. Whether due to outdated credit scoring models, limited access to affordable banking services, or systemic biases, financial exclusion is still a reality for too many people. Fintechs, with their ability to innovate and move quickly, have the tools to challenge these problems.

That doesn't mean every fintech company must dedicate itself entirely to solving financial inequality. However, even those not explicitly focused on social impact can contribute by ensuring their products and services are ethical, transparent, and designed to improve users' financial health rather than exploit their vulnerabilities.

At the core, fintech isn't just about developing apps or digital solutions; it's about reshaping how people interact with money. Companies that recognize this and focus on long-term, sustainable improvements in financial wellbeing will be the ones that stand the test of time.

What sets a true fintech for good apart from the rest?

It's easy to claim to be a force for good, but actions speak louder than words. The key difference between a fintech that genuinely helps people and one that is simply leveraging the 'fintech for good' label lies in measurable, real-world impact.

A true fintech for good doesn't just build technology for the sake of innovation. It creates solutions that solve real problems. More importantly, it provides clear evidence of positive change, whether that's through data-driven insights, success stories from users, or research-backed improvements in financial wellbeing.

For example, a budgeting app claiming to promote financial stability should have proof that its users are consistently saving more and reducing debt over time.

Ultimately, the most meaningful fintechs are those that prioritize outcomes over optics. They don't just market their solutions as 'inclusive' or 'accessible' – they ensure their products genuinely work for the people who need them most.

What are the biggest challenges fintechs face when trying to make a real impact?

One of the greatest hurdles fintech companies face is scaling their solutions while maintaining the personal connection that makes them effective. It's one thing to create a tool that works well for a niche group, but expanding that to millions of users across different financial systems and cultural contexts is a much bigger challenge.

Fintechs must strike a delicate balance between automation and human interaction. While AI and machine learning can enhance efficiency, the reality is that financial problems are deeply personal. A truly impactful fintech needs to ensure that as it grows, it doesn't lose the empathy, guidance, and tailored support that make its solutions valuable in the first place.

Another challenge is accessibility and inclusion. Many fintechs aim to serve financially excluded individuals, but reaching these populations is easier said than done. The people who would benefit most from fintech solutions often face additional barriers, such as: 


• Language differences – not all financial terms translate easily, and some fintech solutions remain inaccessible to non-native speakers.

• Limited financial literacy – many individuals don't just need access to financial products; they need education on how to use them effectively.

• Financial abuse and systemic exclusion – some individuals, particularly those in vulnerable situations, may have been locked out of traditional banking systems due to past financial struggles, coercive control, or discriminatory practices.

To truly make a difference, fintechs need to go beyond surface-level solutions. They must deeply understand the challenges their users face and build products that are not just accessible in theory but genuinely usable in practice.

Finally, fintechs must focus on creating lasting change. There's a big difference between solving an immediate problem and fostering long-term financial health. While quick wins like helping someone save a small amount are valuable, they don't always lead to sustained improvement.

For fintechs to drive meaningful change, they must embed financial education, habit-building, and ongoing support into their offerings. People need more than just tools; they need guidance on how to use those tools effectively over time. Fintech solutions that prioritize long-term financial literacy and behavior change will have a far greater impact than those that offer short-term relief without addressing the root causes of financial instability.

Which fintech sectors will have the greatest impact on financial wellbeing in 2025?

As we look ahead, several areas of fintech stand out as key drivers of financial wellbeing. One of the most impactful, in my view, is credit-building – a space I'm particularly passionate about.

In the UK, millions of people struggle to access credit, not because they are financially irresponsible, but because they lack a credit history. This issue disproportionately affects young adults, immigrants, and individuals who have primarily used cash or alternative banking methods.

Innovative fintech solutions are emerging to address this problem, such as: 


• Reporting rent payments to credit agencies – helping renters build credit history in the same way homeowners do with mortgage payments.

• Savings-linked credit-building – enabling users to improve their credit scores while simultaneously growing their savings.

• Alternative data models – leveraging different financial behaviors (like regular bill payments) to assess creditworthiness beyond traditional credit scores.

Our research shows that nearly a quarter of Brits (24 percent) believe improving their credit history would significantly enhance their financial wellbeing in 2025. There's a growing need for fintech solutions that provide fairer access to credit and financial opportunities.

Fintech's future: a commitment to real change

Fintech has the power to transform lives, but only if companies are willing to prioritize real, long-term impact over short-term gains, Mowat stated. The future of fintech for good, he added, lies in solutions that are scalable, accessible, and sustainable; helping people take control of their financial futures in meaningful ways.

He foresees the companies that succeed in the coming years won't just be those with the most advanced technology or the fastest growth rates; they'll be the ones who truly understand their users, build trust, and create products that make a lasting difference.

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