Financial literacy

Gen Z gets a new financial literacy platform as Prograd partners with Admiral Money

Based in London Program – a 2021 alumnus from an esteemed start-up accelerator Tech Stars – announced a partnership with Silver Admiral to help young adults find and understand their sustainable loan products.

In the second quarter of 2022, Prograd is launching a platform to help Gen Z understand, access and manage all the financial products they need to get ahead in life. Prograd leverages alternative data points and open banking to find the best borrowing, earning, or savings solutions to a user’s specific financial needs. Admiral Money will support the startup’s original goal of helping Gen-Z find sustainable and appropriate sources of funding for common needs of young adults, such as buying a car, furthering education, moving or just getting by.

Co-founders Ethan Fraenkel and Marco Logiudice started the business after experiencing great difficulty finding and understanding funding options for their masters degrees.

“We needed external support to enable us to complete our studies, but we didn’t know where to start. Our short income histories meant the banks wouldn’t lend to us. When we found other options, we couldn’t understand the terms used and all that was left was very expensive debt that we are still paying off today.

“We are launching the Prograd Marketplace for the millions of other young people like us who need to better understand their options when it comes to finding funding to get from A to B, whatever goals they have. We are proud to have a leader like Admiral Money at our side to serve them.

Through Admiral Money, Admiral has built a significant lending division since its inception in 2016, providing sustainable unsecured loans and auto finance.

Not being a lender itself, Prograd will arrange relevant financing products from Admiral Money and 30 other organizations based on a person’s specific circumstances. Equally important to the young team is offering choice and understanding that rewards “good” user behavior. Reaching a life milestone — like passing a driving test, clearing your credit card entirely — earns you points that you can cash in or use for discounts on other products. Digesting any literacy content in their “Learn” space has the same result.

The partnership comes as the importance of financial literacy is highlighted amid the cost of living crisis. Prograd and Admiral Money want to make it easier for potential customers to understand their options when they need money for something.

Admiral Money’s head of auto loans and finance, Craig After, said: “Prograd’s mission to ensure that no young person’s future is held back by a lack of understanding or access to the funding they need is one we wholeheartedly align ourselves with. We are really excited about the upcoming launch and what can be improved for young consumers. »

  • Francis Bignel

    Francis is a junior journalist with a BA in Classical Civilization, he has a specialized interest in North and South America.