The problem

The impending wealth transfer from boomers to millennials and Gen Z creates an enormous financial opportunity. Young adults require better access to financial coaching than ever before. 

And yet, financial wellness and good practice is becoming increasingly hard for young people entering the workforce. The opportunities and aspirations of the next generations are materially different. This ranges from the time at which you’re likely to buy a house or a car, to the impacts of slowing wage growth and high student debt, and a growing orientation towards flexible or freelance work. And yet, financial products, advice, and guidance have not adapted to these changes.

At all stages, young adults struggle to find the right information and guidance, resulting in poor financial decisions:

• Entering university—finding scholarships, grants, credit cards, financing options

• Studying at university—launching side hustles and ‘self-serving’ on untrustworthy financial advice to make ends meet 

• Entering the workforce—poor access to career services and financial aid for internships and job searching

• Growing as professionals—again, ‘self-serving’ on financial advice on social media, seeking alternatives to traditional financial institutions

The solution

Mongo is a comprehensive, AI-powered financial coaching platform designed to address the holistic financial needs of young adults from becoming students to entering the workforce.

At its core, Mongo is designed to be an intuitive, simple user experience to provide fast and trusted answers to stressful financial decisions. Their proprietary infrastructure helps reduce decision-making fatigue, solving users’ immediate financial needs and providing a single source of trust for financial wellness. 

Benefits stretch across the lifecycle from university into the working world:

• Entering university—cutting down search time for scholarships and financial aid, advice on navigating loans and credit cards

• Studying at university—getting rapid guidance and advice for side hustles and part time jobs

• Entering the workforce—searching and applying for jobs, advice on budgets and how to negotiate salaries

• Growing as professionals—managing spending, paying back debt, starting to save and invest

Why we’re excited to invest

Olly Betts, sector director for fintech, says: "With each generation the pace of change of consumer priorities, technology and opportunities for wealth creation increases exponentially. But financial products, and how customers discover and use them, have not changed. Mongo is on a mission to close this gap. That's why I am so excited to work with Alisha and her team to help young people achieve financial empowerment."