Acquisition aims to drive financial wellbeing for young people
Blackbullion has today (5 Apr) announced its acquisition of The Scholarship Hub, the UK’s leading scholarships and bursaries search tool.
This is the fintech’s first acquisition and underpins its position as the leader in financial wellbeing for young people.
With 75% of students saying they worry about money and 57% reporting a negative impact on their mental health, closing the gap on access to funding is a priority.
The acquisition will see The Scholarship Hub extend Blackbullion’s existing funding support ecosystem for higher education with the flagship Financial Wellbeing Platform including financial education resources, online masterclasses and the Funds Management System (a proprietary end-to-end online application tool).
With The Scholarship Hub included in Blackbullion’s offering, its university and college partners will be able to further improve discoverability of funds and centralise funding processes.
In addition, the acquisition is supporting Blackbullion’s aim to increase access to finance and create a more seamless, cohesive student experience.
The move also supports Blackbullion’s longer-term strategy to expand the pool of money available to UK students throughout their higher education, as part of its mission to promote financial inclusion.
Earlier this month, it launched Blackbullion Futures in partnership with the Bank of England and Pearson, an online pilot programme giving 16–19-year-olds the skills, knowledge and confidence to make the right decision for their financial futures.
The Scholarship Hub was founded by Karen Kennard in 2013 to help students search and apply for the right scholarship, grant or bursary to support their higher education – in some cases, these sources of funding are the only reason they’re able to continue with their education.
Blackbullion founder and CEO, Vivi Friedgut, comments,
“We’ve always been fans of The Scholarship Hub’s mission and feel very aligned to Karen’s ethos, so this feels like a natural fit. We’re very excited about the impact we can have, in a real way, to help students bridge the gap between the money they need for their education and the money they have.
“We’re focused on empowering young people to shift the trajectory for their own financial futures. By knowing what financial support is out there, having the tools to navigate and access this, then using it in the best possible way, along with the right financial education – it’s a powerful combination.”
Karen Kennard adds, “We know that in the last couple of years, finances have played havoc on students’ university experiences and learning, as well as confidence about their financial futures. Blackbullion shares my commitment to empowering young people through financial wellbeing and widening participation, by making it easier for students to access the tens of millions of pounds in scholarships and bursaries. This integration truly furthers my vision for the business, and I know it couldn’t be in better, more capable hands, as we aim to open up funding for young people.”