Bring a bunch of ambitious furloughed finance and tech experts together, add a sprinkling of innovation and give them a mission - turning £1 billion worth of online payment costs into charity funding.
The result is felloh! - our bid to revolutionise online payments in an altogether better way for businesses and charities.
We’re Will, Claire, Ujwal, James, Sharon and Ananda - we know our stuff in the world of finance, technology and innovation but we’re also passionate about social enterprise and restless for a new challenge.
Doing something about all the wasted cash that gets gobbled up in payment processing costs seemed like the perfect way to spend our days.
In 2019 we estimate 2.33 billion of payments made online in the UK were swallowed up in card fees and processing costs. That’s tough to take. How could we reduce those costs? Was there a way of saving businesses money and giving to the charities that need it most?
It’s actually pretty easy when you know how. felloh! uses Open Banking to slash existing payment costs - handing most of it back to charities or retailers in savings and keeping a chunk aside for good causes too.
Open banking allows donors to send payments directly from their bank account - reducing the usual 1%+ transaction fee to just 25p.
So what do we get out of it? Quite simply, the warm glow of knowing we’re doing something to make the world a better place. Yes, we like to keep busy, and we’re not shy about admitting we keep a little bit for ourselves (we have to eat after all), but our main motivation for being jolly good fellohs is paying it forward. We’re completely transparent too - if you want to see our bank account just give Will a shout.
The good guys we’ve been helping at Spotlight on Africa are already seeing the advantages of using felloh! Every £30 donation made to the charity using felloh! rather than Virgin Money saves enough money to fund an extra three meals for the children they support in Uganda.
It’s not just charities who can reap the benefits either. The average online retailer with annual sales of £500k of sales would save £6,000 a year by using felloh! to process payments. Plus they’d also get that warm glow - we set aside 10p from every transaction to fund donations to good causes - like feeding a child in Uganda for 5 years!
We didn’t invent open banking (actually that was the UK Government) and we’re not the only ones using it to save money. Far from it. But we are the only people using it for social purpose. And that makes us feel great.
It’s time you joined our revolution. Get in touch and say hello to felloh!