Genie wins Financial Innovation Award

December 10, 2015 @ 12:27 by Alison Cowie

A home purchase plan that doesn’t require a mortgage or deposit is recognised ahead of its trial in 2016

Gentoo Genie Ltd is thrilled to announce it has won Best Financial Start-Up in the prestigious BBA/IFS Financial Innovation Awards.

Genie is a 30-year home purchase plan which doesn’t require a mortgage or deposit and is targeted at helping first-time buyers and long-term renters into home ownership.

It was given the accolade at a ceremony in London last week.

Steve Hicks, managing director of Genie, said: “Genie is a truly innovative solution to the dysfunctional housing market and we are thrilled to have won this award.

”Genie was developed by social enterprise Gentoo and we are currently in talks to make Genie widespread across the UK and to help even more people into homeownership.”

John Craggs, acting chief executive of Gentoo, said: “This award is recognition of the work and dedication put into Genie by a fantastic team.

“Our responsible business philosophy means we aim to help as many people as possible to live in good quality housing.”

Earlier this year Genie signed a deal with the Greater London Authority which will see it access up to £40m of loan finance to deliver 2,000 new homes in the capital over the next 10 years.

It is currently looking to work with developers in London to acquire new build properties, development land and joint venture opportunities.

The London investment follows Genie’s successful pilot in the North East of England which has seen 98 families move into homes of their own.

Alex Fraser, principal at ifs University College, said: “All of the entries to these Awards demonstrate the quality of innovation that is hugely important to the future of our industry.

“Our congratulations go to all of our winners, highly-commended nominations and indeed to every project showcased. It is through projects like these and the creativity that has made them possible that will enable financial institutions to meet the expectations of emerging generations of consumers.”