The challenge is geared toward improving access to jobs and income for people affected by the Covid-19 crisis by financing digital solutions.
Based in East London, IncomeMax is a specialist in helping families access little-known and unclaimed benefits that they are entitled to, to ease their financial burden.
IncomeMax had been confirmed as one of Nesta’s 14 challenge semi-finalists back in December and awarded £125,000 to go towards solutions which will help low-income individuals and families access unclaimed support.
Now included as one of the finalists, IncomeMax will be awarded with a further £150,000 to scale up their digital platform.
The digital platform is geared toward bringing groups of people on low incomes together onto one forum and providing them with information about other income sources such as benefits, grant and other financial support they may be eligible for. The platform is also armed with a messenger tool, so that users can direct queries to expert IncomeMax advisers.
The investment from Nesta will help make the digital resource accessible to as many as 10,000 people in need of it by August 19.
Winning the competition would prove an immense boost for IncomeMax as it bids to make more money in unclaimed funds accessible to families in need, having already helped over 100,000 families bring in £30.5 million of new income.
Lee Healey, founder and CEO of IncomeMax, commented: “IncomeMax is thrilled to be chosen as a Rapid Recovery Challenge finalist and to continue to be part of a movement that is advocating for a new economy, one which helps humans and the planet to thrive. Throughout the Covid-19 crisis, we’ve seen just how important incomes are, and this funding will allow us to create a new impactful, digital channel to help even more vulnerable people maximise their income.”
Nesta’s two Rapid Recovery Challenge winners will be decided in September.