Shoal operates an online savings platform that offers fixed interest rates on savings while investing funds in a portfolio of sustainable projects, including renewable energy and clean water initiatives. By enabling individuals to earn returns on their savings, Shoal directly contributes to global sustainable development goals and provides measurable impact metrics, such as CO2 avoidance and clean water generation.
Funding
Funding not disclosed
Founders
Product
Problem
Traditional savings accounts often fail to align with individuals' desires to support environmentally and socially responsible initiatives. Many savers lack transparency into how their funds are utilized and the positive impact they could be generating through their savings.
Solution
Shoal provides an online savings platform that allows users to earn fixed interest rates on their savings while simultaneously contributing to a portfolio of sustainable projects. Funds deposited into Shoal savings pots are referenced against Standard Chartered Bank’s Sustainable Finance portfolio, which includes loans and financial products allocated to companies and projects supporting sustainable development. Through the Shoal app, users can track the estimated CO2 avoidance and clean water generation associated with their savings, gaining insight into their contribution to the United Nations' Sustainable Development Goals. Shoal simplifies sustainable investing by integrating it directly into the savings process, enabling individuals to grow their wealth while promoting environmental and social responsibility.
Target Audience
Shoal targets individuals who are looking for fixed-rate savings accounts and want to ensure their savings contribute to environmental and social responsibility.
Features
- Fixed-rate savings pots with terms of 3, 6, or 12 months
- Savings accounts provided by Algbra Group Limited, regulated by the FCA
- Funds referenced against Standard Chartered Bank’s Sustainable Finance portfolio
- Impact calculator displaying estimated CO2 avoidance and clean water generation per deposit
- FSCS protection up to £85,000 for funds held in active Savings Pots
- Mobile app for account management, savings pot creation, and impact tracking