Science Card, a UK-based neobank, is pioneering a unique science funding infrastructure, specifically by enabling socially-conscious financial transactions through its e-money current account app. In a groundbreaking move, Science Card has joined forces with the Department of Mechanical Engineering at UCL (University College London).
The collaboration between Science Card and UCL Mechanical Engineering is designed to address a critical funding gap in neurodegenerative disease research. By integrating a seamless funding model within Science Card’s platform, this partnership aims to directly support impactful scientific research through everyday financial transactions, focusing significantly on areas such as healthcare, climate change, and computing.
Science Card is setting a new precedent in the FinTech industry with its socially-conscious e-money current accounts. These accounts are dedicated to accelerating science and innovation, allowing users to support research projects through their everyday spending. The platform, set to launch in early 2024, will be the first in the UK to enable such direct contributions to scientific research, promoting a sustainable future through financial transactions.
UCL’s Department of Mechanical Engineering is at the forefront of scientific discovery, particularly in understanding and treating neurodegenerative diseases. The department is developing cutting-edge technology to mimic neuronal extensions with artificial fibres, paving the way for new scientific breakthroughs and more effective treatment testing methodologies. This research holds the promise of significantly impacting healthcare diagnostics globally.
Science Card has committed to supporting UCL’s innovative research project with a substantial funding target of £499,955. Customers using Science Card’s free e-money current account and Mastercard debit card can contribute to this research within the app, through direct contributions or round-ups from their everyday spending. This partnership not only accelerates the funding process but also bridges the gap between finance and innovation, ensuring a more efficient flow of funds to critical research areas.
The collaboration is a significant step for Science Card, which aims to transform everyday financial transactions into a powerful tool for societal progress. The initiative not only focuses on neurodegenerative diseases but also encompasses other vital areas such as climate change and computing. With plans to expand to Europe and the US, Science Card aspires to reach over two million customers and fund millions in scientific research by 2028.
UCL Professor of Cell Mechanics and Mechanobiology Emad Moeendarbary expressed, “With the aid of Science Card, funds will be directly allocated to our research project, which will not only fuel new levels of innovation but will also instil a newfound sense of confidence within our team, knowing that our research will be completed without any interruptions or delays that are usually caused by funding concerns. This streamlined approach expedites the financial support we need and allows us to focus more efficiently on our research endeavours, driving progress and innovation while fostering breakthroughs that hold the potential to transform lives and address pressing global challenges.”
Daniel Baeriswyl, CEO and Founder of Science Card, added, “While studying for my PhD I witnessed first-hand the missed opportunity to have a profound impact on peoples’ everyday lives due to academic funding constraints, which is why I created Science Card in the first place; to bridge the worlds of finance and innovation and ensure a more efficient flow of funds to groundbreaking research.
“This particular field of research is something I’m extremely passionate about, and I can’t wait to showcase the project to our UK customers when we launch in just a matter of weeks. With Professor Moeendarbary’s pioneering research in mechanobiology, I’m confident the project is in the best possible hands to drive real progress in neurodegenerative research and unveil cures and treatments that can halt the progression of these diseases.”
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