By: Kylie Purcell

Verve Money has been named a winner in the 2023 Finder Innovation Awards, taking home the top title for the Social Impact Innovation category and highly commended in the Best Investment Innovation category.

Finder’s Innovation Awards seeks to find the most disruptive and cutting-edge products across a range of industries in Australia. To qualify, the innovation must have been launched over the assessment period between 2022 and 2023.

Verve’s application was for its new women-focused ethical investing app, Verve Money, which was officially launched in July this year. It works by letting customers select from a range of ethical portfolios based on risk criteria and timeline. You can also set personal financial goals and keep track of your progress.

As part of the scoring process for the awards, judges considered how innovative the product is and how impactful it has been since its launch.

The judges agreed Verve’s new platform was a welcome addition to Australia’s investment space with the potential to make a very real and positive social impact. 

Of particular note was the application of both positive and negative screening – a rare feature within ethical investing. While negative screening strategies filter out unethical companies or products, positive screening invests funds into projects that are making positive changes in society.

“The initiative strongly upholds values and purpose, with an unwavering commitment to ensure that decisions and outcomes have a positive impact to women and a better world…Funding in ethical projects, will in turn create broader positive social and environmental impacts,” experience design lead at Today, Beata Klepek said.

“Including negative and positive screening for ethical investments means people can feel confident in their investing decisions. And allocating 20% of each portfolio to climate solutions – with clear details of how that’s defined – is progressive,” Finder Green editorial lead, Amy Bradney-George said. 

“By making investing more accessible to a group that is traditionally underrepresented in the sector and putting that money into sustainable investments, the benefit of this innovation is two-fold,” Finder’s corporate social responsibility manager, Sarah Berthon said.

Verve Money investments include initiatives such as Kilter’s Murray-Darling Basin Balanced Water Fund, which champions restoring threatened wetlands, Meridian Energy’s 100% renewable electricity generation and Vulcan Energy Resources’ pursuit of Zero Carbon LithiumTM for electric vehicle batteries.

A notable feature of Verve’s platform is its emphasis on climate solutions. With a minimum of 20% of each portfolio invested in solutions that curb CO2 emissions, Verve takes a stand against the global climate crisis. 

The judges also commended Verve Money’s early success considering its very recent launch in Australia. After just a few weeks in the market, Verve has built up a significant customer base with more than $1.5 million in funds under management.

In particular, the judges noted that Verve has built considerable trust and support from its customers – no easy feat in Australia’s financial landscape. Verve’s NPS and CSAT numbers –  scores that measure customer loyalty and satisfaction – are both well above the industry average.

“The early results from this launch are very positive, particularly the engagement and customer feedback,” Berthon said.

“While it’s early days for evaluation of impact, the soundbites from customers nod to a trust, credibility and hope in this financial institution. It shifts the needle in the Australian market,” Klepek said.

Verve Money’s win in the 2023 Finder Innovation Awards underscores its contribution to the world of ethical investing and its unwavering commitment to social impact. As they continue to shape the future of investing, Verve Money will indeed be a name to watch.