Own-Group, a FinTech company with a bold social mission, has been named a finalist in the Innovation Challenge for its groundbreaking “Rent | Save | Own” initiative.
Inviting some of the best minds from near and afar, the challenge tasked entrants with presenting real world solutions for the FinTech, Cleantech, and Data & AI sectors.
The solution targets middle-income earners struggling to save for homeownership, offering a seamless path from renting to owning.
Chris Lee, CEO of Own-Group, explained the inspiration behind the company: “It was born from a deeply personal frustration and a passion to help overcome the barriers to homeownership for those earning middle incomes.
“Our mission is simple but powerful: if you can afford the rent, you can own your home.”
Renters
The model allows renters to move into a new-build home while saving for a deposit over three to five years.
“As their landlord, they pay us a set monthly rental amount, and a proportion of that rent is paid into a dedicated savings account,” Lee said. The digital platform tracks progress, offering transparency and support.
Own-Group’s innovation aligns with the Isle of Man’s focus on sustainable solutions. “We’re a FinTech company with a strong social mission,” Lee noted. “It speaks to ESG goals and Biosphere principles through its economic and social impact.”
The team includes housing and FinTech experts, with partnerships in place for a pilot scheme on the island. “We’ve obtained seed funding, established tech partnerships, and received support from the Isle of Man Government,” Lee shared.
Next steps include launching the pilot in late 2025 and expanding across the UK. “Our vision is to be the default rent-to-own solution for a generation of renters,” Lee said.
In association with Digital Isle of Man
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You can read more about the finalists and the challenge here.
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