Meet the Fellows: Sam Lathey, Bippit

We’re now over half way through Lab Fellowship – our unique incubator for financial innovations that put people and planet first. In this Meet the Fellows blog series, we meet the innovators involved, and learn more about their new products and services which are transforming the financial system for the better.

Sam Lathey’s career in financial services began in the post room. After starting his journey in finance as a filing and scanning clerk, he worked as an Investment Manager for many years until a conversation with an old friend got him thinking about the lack of financial planning and knowledge in the UK, and how new technology and tools might help solve this problem.

The result is Bippit – an app using Open Banking, automation and AI to generate financial improvement plans that help users pay off debt, build a safety net, and save for their future. The Bippit team aim to deliver affordable financial plans to everyone, irrespective of their age or assets, and are particularly focused on those in financially precarious situations and without savings.

The problem Sam is seeking to solve is huge – in 2018 the Financial Conduct Authority’s  Financial Lives survey of 13,000 people found that nearly half of the UK population are financially vulnerable, and 1 in 6 people would be unable to cope if there was a £50 monthly increase in their bills. Bippit uses technology to remove the confusion and barriers that often surround financial planning, helping people manage their own financial situation and save with ease. Sam explains:

‘We’re building a radically simple solution so that financial planning is no longer a complex and time-consuming process. Our vision is that in the near future managing your finances will not be something you do… it will be something that just happens.’

Sam applied to be a Fellow to receive help from the Lab and our community to build Bippit in a way that has the greatest potential to make a positive impact. He told us,

‘Lab Fellowship is the most progressive programme in the industry. Nowhere else could we find the same level of support and encouragement for cutting our own path through to a solution that challenges the status quo.’

So far, Sam has particularly enjoyed the collaborative environment fostered by the programme, as well as the shared sense of purpose and a genuine feeling of community with the other Fellows. Having recently closed a successful funding round and started working on Bippit full time, Sam is looking forward to launching the app with their first batch of customers soon – and showcasing their progress at the Fellowship Demo Day in September.

If you’re interested in Bippit and would like to support their development, there’s several ways to get involved:

  • Sign up to Bippit’s waiting list to get your personalised financial improvement plan later this year
  • Get in touch with the Bippit team at info@bippit.com to join their community and help guide their product development at user testing sessions
  • Help to spread the word about Bippit!

Find out more about Lab Fellowship and how to get involved at www.filab.uk/fellowship. To register your interest in attending the Fellowship Demo Day in September, please email naomi@financeinnovationlab.org.