During the Money20/20 event in Amsterdam, Finextra had the opportunity to speak with Daniel Baeriswyl, the CEO and founder of Science Card. This innovative neobank provides users with an online current account and the unique chance to contribute to meaningful, peer-reviewed scientific research.
Founded in 2021, Science Card is dedicated to establishing a groundbreaking funding ecosystem by partnering with universities in the UK. The platform enables individuals to directly support research initiatives in critical fields such as climate change, healthcare, and education.
Similar to other neobanks, Science Card’s app allows customers to round up their transaction amounts and discover various research projects to which they can donate. The service is set to launch in September 2023, addressing the pressing challenge of underfunding in STEM fields while bridging the gap between the financial sector and sustainability research to foster positive societal change.
On its launch day, Science Card will feature up to 32 impactful, peer-reviewed research projects available for ‘free card users’ who can contribute directly or through purchase roundups. Additionally, ‘Fusion customers’ will have the option to enroll in a £19.90 monthly subscription, where they can potentially earn revenue from royalties generated by the research.
Baeriswyl emphasized that Science Card facilitates a direct connection between users and research projects, ensuring that funds reach professors at universities for use in their laboratories. He elaborated on the lengthy lifecycle of research, which typically begins with a discovery phase, followed by experiments, patent protection, and ultimately, commercialization aimed at mass market adoption.
A notable example he cited is the development of the Covid-19 vaccine, which underwent rigorous clinical trials and has since become a cornerstone of the global healthcare system. Science Card’s overarching goal is to unite individuals who wish to invest their resources in “high impact research.”
Moreover, Baeriswyl mentioned the importance of adhering to the FCA’s upcoming Consumer Duty and expressed a desire to collaborate with partners who are committed to creating a tangible impact. He noted that while the financial services industry wields considerable influence, there is an inherent responsibility to leverage that power for the betterment of society.