Fortunis Investee Karma Named as Fintech Supplier on Crown Commercial Service £1.5billion Voucher Framework
The UK Government has named Fortunis Capital investee Karma Technologies as a supplier in the distribution of vouchers with a potential value of £1.5billion. A massive social undertaking that will help millions of people as the nation emerges from Covid-19. The pioneering fintech is one of just 13 companies on the Crown Commercial Service (CCS) supplier framework for this project. (RM6255 voucher framework).
The two-year scheme seeks a tech-driven solution to distribute vouchers for defence, social security, maternity, family allowance and child allowance.
CCS supports the public sector to achieve maximum commercial value when procuring common goods and services. In 2019/20, CCS helped the public sector to achieve commercial benefits worth over £1billion – supporting world-class public services that offer best value for taxpayers.
Justin MacRae, Chief Operations Officer, Fortunis Capital, says: “It speaks volumes for Karma’s world-class technology and talent that this relatively new fintech has been selected for a public contract framework potentially worth hundreds of millions of pounds. “As an impact investor, Fortunis Capital are committed to supporting innovators who make a positive change to society.
“This chimes with the UK Government’s Green Paper on public sector procurement, which focusses on partners such as Karma who can demonstrate social value in the form of social welfare or wellbeing to help the economy and communities recover from Covid-19.
“The Government make it clear that contracts must demonstrate a wider benefit to society. Fortunis investees all demonstrate they can change the lives of millions on a global scale.” Karma co-founder Minck Hermans is a leading fintech entrepreneur with a background in banking. At ING, he was associate Syndicated Finance Western European Corporates, involved in structuring, advice and execution of M&A finance and corporate debt facilities for Western European corporates.
He said: “We’re very proud to be selected as only one of 13. We fared well against the giants of the industries and we credit that to our smart and advanced technology; our drive to create innovative solutions that are purposeful, relevant and future ready, in addition to the social foundations that this business is built on.”
Karma Technologies’ Borofree app launched this year with the aim of helping millions escape the vicious cycle of payday loan debt through zero fee, zero interest advances.