Friday 18th December is the last day to register for UK fintechs who want to take part in a new Kickstart scheme, open to those who can commit to creating a new role within their business (fully paid for by the scheme), as long as the position would be suitable for a 16-24-year-old currently claiming universal credit.
Businesses who are interested should note that full guidance can be given on what these positions might entail, but they must be suitable for newcomers to the industry. In return, the government will pay each candidate the minimum wage for six months, working 25 hours a week, plus employers NI and auto enrolments. The Government has also committed to paying each employer a £1500 one-off fee per placement for any setup costs or training required.
As part of its pledge to support the government’s Kickstart scheme, The Fintech Power 50 and its partners, Innovate Finance, Rise created by Barclays, Level 39, and iFinance Academy, will close applications for the second round of Kickstart submissions at midnight, Friday 18th December.
Mark Walker, co-founder of The Fintech Power 50 said, “So far we have created 87 new positions for young people in fintech through our first cohort, which is currently going through its final stages and included 51 fintechs. I am delighted to say that we are now in a position to help co-ordinate at least another 30 places and can help companies with define each submission and role, as long as it is a genuinely new position.”
Some of the fintechs to have already committed to the Kickstart scheme include: Confused.com, Openpayd, Funding Options, and Contis.
Admire Kamara is the Regional HR Director, Europe and Global HRBP at Payoneer. The payments platform have pledged to employ at least five young people through the Kickstart scheme. She said: “Fintech is such an exciting and growing industry, encouraging young voices to engage should be a focal point for any company. Payoneer made the easy decision to support the Fintech Power 50 and back the Kickstart scheme as the payments industry continues to grow and expand, in part thanks to the digital advances created during the global pandemic.
“We are excited to welcome new fintech talent who may not otherwise have the background or choices necessary to explore such a dynamic and fast-paced community. People of all ages are right now considering their career options, and I hope that through the Kickstart scheme we can provide additional help and support to those that need it most during this unusual time.”
It is hoped that the scheme will help young people such as Chris King, a recent graduate from Nottingham Trent University. He said, “I have applied for almost 100 jobs since leaving university, but have had only two interviews. It’s been a real struggle as more people than ever are applying for entry-level jobs, and when over 1000 people are applying for the same position as you it can be more than a little demoralising. Job hunting is always hard but with unemployment figures as high as they are chances for young people to get on the jobs ladder are extremely difficult to come by.”
You can find out more information and apply to join the next cohort of up to 30 new roles here. Deadline for the next round of applications closes at midnight on Friday 18th December.