As part of our new Spotlight series, we are sharing the tech startups that we’re most excited about! This week, we want to highlight Tumelo, a fintech startup that is ‘bringing investing to life’.
The startup is backed by singer-songwriter Peter Gabriel...do we need to say anything else, really? Well, yes, okay, you probably want to know a bit about the startup itself. But still, we’d call that a pretty strong endorsement!
Tumelo was established at Cambridge University after its founders realised that people all over the world were investing money with almost no visibility as to where their money is going and no voice on issues at the companies they invest in.
The startup began as a university activism campaign to challenge the way the university invested its £6m endowment pot, and has snowballed into something bigger that will hopefully change the way ordinary people invest their money on a much larger scale.
Co-founder Georgia Stewart was quoted saying, “Aside from our political vote, we think – as individuals – that we only have influence at grass roots levels, such as going vegan or reducing plastic use. But that’s not true. We are all impact investors – wherever our money is right now – and to influence real change from the top we need to vote with our investments, sending a message to companies that it’s not profit alone we care about but also our future.”
Tumelo aims to help people make socially responsible investments, so that you can make sure you are putting your money in things you believe in. This creates a two-fold return on your investment; a material one and a social one.
So how does it work? Users have their own personal account through which they can access and explore the companies in their portfolio. They are informed about upcoming shareholder votes and given the chance to submit vote preferences for the issues they care about, which Tumelo then passes on to those responsible for voting. This way, users are able to be much more closely connected to the companies in their portfolio and really feel like part of the process. Tumelo also keeps users in the loop at all times, feeding back to them after votes. Transparency is a key value at Tumelo, so that users are aware of where their money is and how it is being used.
Tumelo works to help workplace schemes and pensions committees help their employees see where their money is being invested and get involved in making positive change through socially conscious investments.
The startup allows you to align your finances with your personal values and really put your money where your mouth is. We’re super excited to watch it grow!