Money Sweetspot

Doing business better looks like this 👇 Money Sweetspot, the only lender that rewards engagement in financial education and focusses on losing their customers. It is the right thing to do and it makes good commercial sense. Why? If we support our customers to learn more about money, finance, savings, budgets…. Then they’re more likely to repay their loan and stay on track. If they stay on track then our costs our lower as we don’t have the heavy operational costs of collections. If they pay off their loan we re-lend it to someone else. It’s not rocket science. But it is impactful. And it is better business. Nearly two years in we’ve got the data to prove it. Why hasn’t it always been done this way? I have a few ideas…… #betterbusinessnz #sustainablefinance

Real Talk from Sasha Lockley 👇 At Money Sweetspot our customers earn an average of $70,000 a year, and 92% of these customers are employed. Despite earning higher than the national median income of $61,000 per year, many of the people we talk to are constantly juggling their finances and are still struggling to stay afloat. Of the 368 people who applied for financial resets in September, we were only able to help nine. The remaining 359 applicants remained burdened with nearly $4 million of debt (most of which at interest rates of more than 30%). And while we did our best to connect them with financial education resources and local financial mentors, the reality is that we, and other community and social providers simply don’t have the capacity or resources to help everyone.

Happy Monday feedback 💚

Meurig Chapman, co-founder and CRO, explained today that we are glad the Reserve Bank hadn't been "too conservative". "People have been doing it tough with the higher costs of living and mortgage rates. It's great to see that the Reserve Bank wasn't too conservative today, and has made a change that ultimately means New Zealanders can enjoy some more money in our pockets again." He suggested Kiwis should continue to keep purse strings tight. "Coming into summertime, there's no better time really to have some extra cash. However, it's crucial that we don't get carried away or make any silly decisions that come back to bite us post-Christmas," Chapman said. "With any surplus money, it's still important to put some away for a rainy day, so that we're living within our means, and also avoiding being caught out by the unpredictability of life." https://lnkd.in/gq2VXnw8

Our growth has been built on the back of conversations just like the one below. Frances Cook has talked before about loud budgeting, and we love it. Lets have more loud debt conversations. Celebrate the extraordinary efforts of every day people taking charge of their financial lives EVEN in the face of challenge.

Kia Kaha Te Reo Māori – making the language stronger Māori is one of toru (three) official languages of Aotearoa / New Zealand? We're always trying to incorporate more te reo Māori into our everyday lives, but this week (Te Wiki o te Reo Māori) is a great opportunity to help kōrero (talk) and practice (whakaharatau) while learning something new. What te reo will you be practising this week? https://lnkd.in/dXaDRFeJ

We're hiring! 😁 We're excited to be in the position to hire our very first internal tech hire helping to shape the future of Money Sweetspot. Sasha Lockley says "If you're a full stack developer packed with curiosity and a passion for creating technology for good we'd love to hear from you." We are grateful for the support of Dale Clareburt for this role. *You must already have the right to work in New Zealand as we are unable to sponsor applicants. Meurig Chapman Sharnee Warbrick Leticia New Jarrod Chiplin James Stewart Jamie Newth Matt Weston https://lnkd.in/ghmFWNVq

We’re excited to share a major milestone—doubling our impact since last year! 👀 This time last year we posted a celebration of us reaching 300 customers, and we have just doubled that! 💚 We're proud to have helped 600 customers with $14m of financial resets and supported 3,791 whānau on their journey out of debt. Best of all, our customers have donated $26,540 to charities of their choice through The Good Registry - gifting goodness and engaged in over 9,000 pieces of financial education. Together with our amazing customers and supporters we are proving it is possible to create a financial service that empowers and supports our people. #socialfinance #teamspotty #teamspotty #financialreset

Money Sweetspot deliberately isn't targeting being a bank. Our role in the eco-system is to unlock sustainable and social finance through collaboration with community, funders, and our investors. We're called Sweetspot deliberately. What is the Sweetspot that needs to exist to unlock, compliment, and enhance the impact and success of innovations that already exist? There are no truly brand new ideas. But there are ideas that need more sunlight and nourishment to grow. Sasha Lockley Meurig Chapman Leticia New Jarrod Chiplin James Stewart Jane McCarroll #teamspotty

Mōrena e te whānau, We’re excited to share that we've been nominated in the People's Choice category at the 2degrees Business Awards! If you think we're pretty choice then we'd love it if you voted for us. Thanks for your awesome support. It would be great to win this award for all of us! 🏆💚 Here's the link: https://lnkd.in/gpvGytEs Go Team Spotty! Auckland Business Chamber Sasha Lockley Meurig Chapman Sharnee Warbrick Leticia New Jarrod Chiplin Jane McCarroll Matt Weston Vaughn Davis