Bippit

Bippit is a UK-based financial wellbeing company that provides financial coaching, guidance, education and money-management tools to employees as a workplace benefit. The platform is available through a smartphone app and on desktop, and combines personalised guidance from qualified financial experts — delivered via video call and in-app messaging — with financial education content and self-service tools. Bippit positions the service as impartial and confidential, stating that its coaches have no financial products to sell and that support is free at the point of use for employees because their employer pays for access.

The product set spans expert guidance, AI coaching, financial planning, payroll savings, educational journeys, webinars and courses, elderly care support, mortgage advice and will writing. For employer customers, Bippit offers company insights, a partnership hub, benefits awareness and employee engagement tooling, and leadership training, with stated use cases including improving wellbeing, attracting and retaining talent, supporting pension scheme changes, managing redundancy and restructuring, amplifying total reward and reducing National Insurance costs. A third-party profile describes the platform as using artificial intelligence and open banking to generate customised financial plans and product suggestions for employees.

Bippit is regulated by the UK Financial Conduct Authority (No. 845814) and registered with the Information Commissioner's Office (No. ZA533579), and states that it uses bank-grade security. It reports customer outcomes including 93% of employees feeling more confident, 92% being less stressed about money, 97% saying they would be disappointed to lose access, and 41% being more likely to stay with their employer.

Founding story

Founder and CEO Samuel (Sam) Lathey has described struggling with budgeting and accumulating debt in his early twenties while working as a self-employed musician, and feeling unable to seek help because of stigma around money. He subsequently spent over ten years as a wealth manager and financial adviser, and started Bippit so that every employee could access impartial financial support regardless of wealth or status. Company materials name two further co-founders: Erich Schudt, co-founder and CTO, a computer scientist previously at Accenture and then at London fintech Curve, where he worked on growth from 10,000 to over 400,000 users, and who built Bippit's platform on open banking; and Grace Tolley-Smith, co-founder and CPO, who previously worked in asset management and investment consulting and has described her own lack of early financial guidance as motivation for the product.

Business model

B2B/B2B2C: employers purchase Bippit as an employee benefit, and the service is free at the point of use for the employees who use it. Caplight characterises the business model as B2B with a subscription SaaS and data-as-a-service customer profile. Bippit states its experts are impartial, with no products to sell, so revenue does not come from selling financial products to end users.

Employers pay for the platform as a staff benefit; Bippit publishes pricing for organisations and states that services are free at the point of use for employees. The company also markets reduced employer National Insurance costs as a financial rationale for purchase.

Traction

Bippit reports platform outcomes of 93% of employees feeling more confident, 92% less stressed about money, 97% saying they would be disappointed to lose access, and 41% more likely to stay with their employer. Employer deployments cited include Teva (1,100 UK and Northern Ireland employees, with a reported near-10% increase in pension contributions), Hyperoptic (950 UK employees), Unum UK, OneFamily, Creature and Co and Salience. Headcount was reported at 36 employees in July 2023, up 24% quarter-over-quarter from 29.

Latest developments

Bippit's press page lists employer roll-outs including OneFamily, Creature and Co, Teva (1,100 UK and Northern Ireland employees), Hyperoptic (950 UK employees), Unum UK and Salience. Teva reported a nearly 10% increase in pension contributions after offering Bippit. The platform's current feature set includes AI coaching alongside human expert guidance, payroll savings, mortgage advice and will writing, and the company markets a National Insurance savings calculator to employers.