Funding Competition: Innovate UK Smart Grants 21
Company Sector: Health and Life Sciences/ Fintech
Project Duration: 12 months
Funding Secured: ~£350k
Currently, disbursements to individuals from NHS clinical commissioning groups for health-related matters have inconsistent approaches with no best practice. Direct payments provide more flexibility over how care and support are arranged and provided. For example, if an individual needed to buy a wheelchair, instead of just being given a wheelchair, they are given the money to buy one for themselves. However, this comes with a lot of administrative responsibilities.
HealthMoni is a new SME with connections throughout the UK’s financial and care sectors. Their innovation project consists of the development of an embedded finance platform with innovative user tools for personalised care and direct payments, meeting the needs of local authorities, carers, and end-users.
Unlike existing processes, HealthMoni’s software will deliver a single direct payment management platform superseding the existing siloed processes, producing new protocols through rigorous research.
By moving away from paper-based or traditional digital record-keeping, their successfully grant-funded innovation will reduce the administrative burden on users, carers, and local authorities, unlocking the benefits of direct payments for all stakeholders.
“I have worked with a number of people in Granted along the application process and in the due diligence and project set up phases. It is what I could describe as a “reassuring pleasure”. Not many people have capital raising experience but I am lucky enough to have more than most. However, the specifics of grant funding really need competent experienced support and Granted are fantastic at delivering this. I can’t speak too highly of the team.” – Howard Allen, HealthMoni