For the last 6 months, TKM have been working alongside YM Tech, a start-up led by co-founders Umair Janjua and Dan Mackie. YM Tech is an exciting, ethically sound fintech platform. The purpose is to provide an infrastructure which addresses the need for more affordable, flexible, but socially-responsible “community-driven” lending that ultimately promotes wealth and wellness within the workplace.
YM Tech: A next generation finance platform and financial companion
YM Tech began its life as a pitch delivered by Umair within UCL’s Technology Entrepreneurship programme. The disruptive elements of the idea, in particular how technology can be used to do good in the world, enticed the room. YM Tech serves to revolutionise personal finance by creating participation for everyone, offering excellent rates whilst also reducing risk.
How does it work? Essentially a form of salary sacrifice, YM Tech’s bespoke product allows borrowers to take out short-term loans which have reduced risk, as borrowed money is paid back directly through the pay packet such that the money never actually leaves payroll. This reduced risk means that both lenders and borrowers can enjoy excellent fixed rates, with lenders given an opportunity to make consistently good returns, not dependent on the amount lent. Additionally, all transactions are carried out anonymously.
What sets YM Tech apart? YM Tech is distinct as its product facilitates for hypo-short-term-lending, namely sub one year lending. Additionally, YM Tech’s customers are best described as new-to-credit customers. This is valuable as it changes the dynamic of the finance market whilst also producing a socially beneficial outcome wherein there is less reliance on credit cards and high-interest pay-day loans. The appeal of YM Tech is that it removes the complexity of lending and empowers money freedom for all, whilst contributing to a company’s CSR strategy.
TKM: Our role
TKM’s involvement with YM Tech began at UCL. Anil’s role as Mentor on UCL’s Technology Entrepreneurship programme, brought Anil, Umair and Dan together. As YM Tech’s Marketing Strategy NED, Dan describes Anil as his “go-to-guy”, working to help shape who YM Tech are and how best to engage with their customers. Umair, in particular, appreciates being able to work with someone who’s just as enthusiastic about the project as him. Going forward, TKM looks forward to continuing its role as an advisor and partner in YM Tech’s story with a focus on helping develop the brand and support YM Tech’s future growth.