Level Secures Landmark ESG Deal With Triple Point
- 25.02.2021 07:58 pm
Level Financial Technology has secured a revolving credit facility from Triple Point to provide early wage access in a first-of-its-kind ESG deal.
The interest rate Level pays will reduce by up to a third if users also access budgeting tools available through the app to make positive changes to their personal finances.
This landmark agreement is a significant milestone for Level, which is working with some of the largest employers in the UK and was rolled out to Capita’s 45,000-strong workforce at the end of last year.
The facility will enable Level to offer early wage access to its current users, drawing down a percentage of their earned salary before their usual pay cycle. But unlike competitors solely offering this capability, Level will be incentivised by Triple Point to ensure as many people as possible have access to tools and education to make sustainable behavioural changes.
Alongside early wage access, Level provides employees with a comprehensive range of services to improve financial health, including budgeting tools powered by Open Banking, salary-linked savings and financial education and advice from the Money & Pensions Service.
Level founder and CEO Stephen Holliday, explains: “The Level platform has been built to help people make positive changes to their personal finances.
“While early wage access offers a way to navigate unforeseen expenditure, we strongly believe that true financial freedom can only be gained by powering positive behavioural change, which is why our budgeting tools encourage a savings culture that enables people to meet their financial goals, at whatever stage of their careers.
“This is something that should be at the top of the agenda for the UK’s largest employers in 2021, who have a crucial role to play in improving the financial health of the nation. We are delighted to be partnering with Triple Point, who share our total commitment to ethical business.”
Environmental, social and governance (ESG) investing has been attracting attention for many years now, but the way Triple Point has aligned its rate of return to achieving positive financial outcomes is widely acknowledged to be an industry first.
Steve Gordon, Relationship Director at Triple Point, commented: “Our latest impact-linked pricing facility helps align our own goals with those of Level. Giving employees access to earned salary earlier than pay day involves a degree of responsibility and in Level we have a partner that shares our ethical views and has a technology solution that not only provides education but access to market leading savings tools too.
“We are excited to be working with Level in the roll-out of their financial wellbeing platform and supporting those employees that need short term access to earned salary knowing that the access provided is done so ethically, responsibly and sustainably.”