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  • 18 November 2019 12:24

CUA Next innovation program with Slingshot attracts quality applicants

The financial wellbeing program will create a scaleup ecosystem of tech providers to help diversify CUA’s offering to members

SYDNEY, 18TH NOVEMBER 2019: There’s been an overwhelming response to the Credit Union Australia (CUA) accelerator partnership with Slingshot, with dozens of quality scaleup businesses applying to be part of the innovative tech ecosystem.

The program, CUA Next, is bringing together promising enterprise-ready scaleups with a focus on financial wellbeing, to work closely with Australia’s largest credit union. The aim is to identify and develop a suite of complementary services that could add value to CUA’s 550,000 members, helping to improve their financial wellbeing.

Already more than 50 high-level scaleup businesses have applied, with only a few days remaining until the application deadline on 20 November. Among the applicants is award-winning personal finance and budget management app Frollo.

Gareth Gumbley, Founder at Frollo, said the scaleup applied for the program because it was a purpose-driven tech organisation with a mission to improve financial wellbeing and CUA shared that mission.

“It is a struggle for many of us to balance our time, finances and life’s priorities without a little help. Frollo has 100k users who are eliminating debt and increasing their savings to shift the balance in their favour. We would like to be part of the CUA ecosystem because CUA’s brand, member base and distribution would allow us to scale to our first one million users, and beyond,” Mr Gumbley said.

As part of the program, the scaleups will also be able to leverage the networks of the other chosen successful entrepreneurs in the program across fintech, regtech, edtech, martech and more. These tech providers will help contribute to CUA’s goal of creating a financial wellbeing ecosystem.

The final cohort that is selected will be made up of scaleups that can provide cutting-edge solutions that go beyond its current core products and services, with a particular focus on millennials and young middle-income families.

Successful applicants will have to demonstrate how they provide:

- Greater clarity around their financial situation;

- More control in positively changing everyday habits;

- Choice of maintaining today’s lifestyle while still attaining future financial goals or;

- Aspirations or connection with their community to help build financial confidence.

CUA Chief of Transformation and Subsidiaries, Steve Chugg, said CUA Next was developed to help members gain more control over their finances and feel financially secure.

“Research into the financial comprehension and aspirations of younger Australians highlighted that they don’t know where to turn for meaningful advice,” Mr Chugg said.

“The CUA Next accelerator program will be key to supporting this vision, and we are committed to assisting scaleup businesses to realise their business potential sooner by partnering with a leader in the mutual sector with a proud history of innovation. Ultimately, we want to move forward and bring the best ideas to market to transform CUA’s member offering.”

Slingshot Co-Founder, Craig Lambert, said CUA Next was an opportunity for CUA to collaborate with the best and brightest tech scaleups, while enabling the scaleups to benefit from exposure to CUA’s established member base.

“The quality of applications so far for CUA Next has been outstanding. We’re getting interest from very successful business leaders in their own right who no doubt see the powerful collaboration and commercial opportunities within the program,” Mr Lambert said.

“CUA is looking for a meaningful way to connect their members with the goal of financial wellbeing. Our accelerator can help CUA achieve this by connecting them with scaleups that also want to improve the financial wellbeing of their customers,” he said.

Australian scaleup businesses are invited to submit their applications until 20 November 2019. For more information on the CUA Next accelerator program, visit cuanext.com.au.

-ENDS-

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