The poverty premium—the extra cost of being poor—affects millions across the UK. On average, people living in poverty or on low incomes pay £490 more each year for essential goods and services than those who are better off financially. An estimated 14.3 million people (22% of the UK population) are affected.

The Fair By Design Fund was created to address this injustice. As a founding investor, we back scalable tech ventures that tackle the root causes of the poverty premium, from high-cost credit and energy pricing to insurance and access to fair financial services.

Through this approach, we aim to support systems-level change, building a fairer, more affordable future for low-income households across the UK.

By the end of 2023, the fund had:

• Supported 2.9 million customers

• Achieved an estimated £283 million total reduction in the poverty premium—£99 per person

• Invested in 25 companies during its investment period, which concluded in February 2023

The fund’s investment period ended in February 2023, with the fund investing in 25 companies.

→ Read more about the fund here.