Last year, Iridium, the two year-old IT transformation and cyber security consultancy that credits its rapid growth and success on doing things a little differently, invested £50K into Freeze Debt, a unique and exciting consumer-focused debt management product in the growing app space.
Freeze Debt, the UK’s first one-step debt solution app, designed to help consumers establish a debt-free future, is set to provide a real lifeline to the growing number people facing increased financial pressures, particularly as unemployment increases due to the furlough scheme winding down, by using the latest app technology to offer a free service to anyone in the UK experiencing difficulties
And while IT transformation and cyber security may at the other end of the digital scale when it comes to target audiences and output, as recent founders of their own IT solutions firm, Sinclair Elliott and Ben Dainton recognised a synergy with Freeze Debt, which influenced their decision to support the concept developed by fellow Leeds-based entrepreneur, Harjit Moore, with a £50K boost.
Subsequently, the service, launched in March 2019 by Moore, who saw a gap in the market during the fintech boom, has already helped users pay off more than £12m of debt.
The service runs exclusively through the app and, free to download and use, features a messaging function where consumers can deal quickly with skilled debt advisors who provide confidential advice and offer solutions tailored to the user’s personal circumstances.
Ben Dainton, Iridium director and co-founder, said: “We created and launched our consultancy, Iridium, back in 2018 to challenge the norms that had existed for too long in our industry, providing a fresh, bespoke, efficient service for our clients.
“When Harjit approached us with his idea for Freeze Debt, we instantly recognised its potential to shake things up in its own sector, and bring to market a solution that would not only benefit the consumer, but was exactly the right time to do it.
“People may not want to discuss their financial situation on a phone call, and with the rise of app-exclusive based services across the board, from take aways to taxis, financial services to fitness, Freeze Debt has been launched at the perfect time to enable consumers to manage their debt in the same way they do everything else in their lives.
Harjit Moore, founder of Freeze Debt, said: “Freeze Debt was created to help people get out of debt without the painful process of uncomfortable conversations, fear of judgement and lengthy procedures to find a suitable solution.
“The COVID-19 pandemic has affected a lot of people financially, with many having a decreased salary or working hours, or unfortunately, being made redundant and losing their income entirely, and we’re here to help at this particularly difficult time.
“We’re delighted to have enjoyed the support of a likeminded, local company that understands the process of getting a good idea off the ground. Iridium’s Sinclair and Ben have been behind us every step of the way.”
Sinclair Elliott, director and co-founder at iridium, said: “We think Freeze Debt is set for huge success, and we’re delighted to partner with an ethical, upcoming Leeds-based business as we both continue to take progressive steps in our respective fields.”