IE Hub expands reach in Wales thanks to support from Welsh Government as four credit unions sign up to online budgeting tool

IE Hub, the online budgeting tool, has signed partnerships with four major Welsh credit unions, non-profit financial cooperatives that offer banking services to their members. Funding for the initiative has been provided largely through Welsh Government via its financial and Digital Inclusion initiative.

Rhyl-based Cambrian Credit Union, Gateway which services Monmouthshire and Torfaen local authority areas, as well as Merthyr Credit Union and Cardiff and Vale Credit Unions have all signed agreements to offer IE Hub to their members.

Funding for the partnerships has been provided thanks to support given to Welsh Credit Unions to meet the regulatory requirements of Consumer Duty.

This partnership will allow communities in and around the member Credit Unions access to IE Hub’s free online budgeting tool. The platform enables them to accurately work out their income and expenditure, highlight any support they might require, share their affordability information with multiple creditors, and manage any debts in a simpler and easier way.

IE Hub also identifies any benefits or social tariffs that members are entitled to but aren’t claiming, giving them access to additional income that could be vital for some.

IE Hub was invited to speak on a panel at the Banking in Welsh Communities event (co-hosted by Fintech Wales and Welsh Government). While at the event, Gareth Llewelyn, Chief Commercial Officer of IE Hub (pictured above), said of the new partnerships: “As a proud Welsh-based company, we are thrilled to welcome another four of Wales’ Credit Unions into the IE Hub fold.

“These leading Credit Unions have recognised the importance of providing digital options to allow their customers access to easy-to-use solutions to financially plan, budget and manage debts.”

Gareth added: “Historically, Credit Union members are people who come from low-income families, who typically struggle to get access to financial products elsewhere.  Having access to our platform is valuable to them, allowing them to maximise their income, understand their finances and agree payment plans with any creditors.

“We look forward to a long and fruitful partnership with the Credit Unions and to help thousands of Welsh families have better financial futures.”

Ann Francis of Cambrian Credit Union, said of the partnership: “Our members are amongst the most financially vulnerable in Society. Any support we can give to help them manage their situation, provide appropriate support and reduce financial anxiety is most welcome.”

For more information about IE Hub and its platform, visit: https://iehub.co.uk/customer/