For this edition of #ImpactExpertsQT, we are thrilled to spotlight Ren Yi Hooi, an inspiring social entrepreneur who turned challenges into opportunities during one of the most trying times in recent history—the Covid-19 pandemic. Ren founded Lightning Reach, a Fintech-for-good platform, with the mission to connect vulnerable individuals with financial support quickly and efficiently.
In this question time, we explore Ren’s journey, the lessons she learned from scaling impact, and her vision for a more streamlined, socially responsible future. Let’s dive into the story of a solo founder who is proving that with innovation and a strong commitment to social good, it’s possible to make a profound difference.
What is the biggest thing you have done to create or improve social impact?
During the Covid-19 pandemic I founded Lightning Reach, a Fintech-for-good start-up which enables organisations to reach vulnerable individuals and offer streamlined, efficient financial support. Our financial support portal makes it easy for people to find and apply for a wide range of personalised support, all in one place.
Since we launched the Lightning Reach portal under 3 years ago, we’ve reached over 140,000 individuals registered on our platform and facilitated over £15 million in grants to those in need. We’ve also worked with a wide range of organisations – including grant making charities, local authorities, housing associations and corporates – to grow their reach and speed up support delivery, using innovative technology such as open banking to save up to 80% of their time.
If you were the Prime Minister, how would you improve the UK for everyone?
In addition to ensuring welfare benefits are able to cover essential costs for those who need it, I would look at joining up efforts to address financial vulnerability and poverty across government departments as well as other sectors.
With the government already spending on average 40% of its income on relief and the social damages thrown up by poverty, it’s clear that there is a massive issue to tackle. Yet, much of the cost and efforts are fragmented and duplicated across different departments and organisations.
I would look at the opportunity to work with relevant partners to streamline the process of offering support to those who need it, quickly and efficiently – with the aim to ultimately prevent people from falling into poverty and crisis.
What is the most significant work lesson you want to share with others so they can benefit from your experience?
It’s hard to pick a single one – but I would say don’t be afraid to go out there, speak with (and really listen to) people, ask questions and ask for help. When I started Lightning Reach, I was a solo founder who had only moved to the UK a year back, so I knew very little about the landscape here and had to quickly try to learn a lot. Many achievements started with small moments of serendipity – stay open to new learning opportunities, and you can unlock so much more. This applies across multiple dimensions – speaking with customers to really understand their problems and how you can help to potential investors as well as team members.
Can you share some key milestones or proudest moments in your career?
While I’ve shared some key numbers achieved, some of the proudest moments come when we can see the impact we’ve made on individuals and partner organisations.
One is the story of Luke, a veteran who was homeless with a pregnant partner and struggled to navigate the process of seeking support. However, he found support from RBL and RAF Benevolent Fund online via the Lightning Reach portal and received grants which transformed his life. Not only did he get back into a stable housing situation, but more recently he secured a job offer from his local council to support the community.
On the other end, it’s been amazing to see that we’ve been able to enable partners like the Royal British Legion to shorten their turnaround time from 3-4 weeks to 2-3 days, and to reach a much wider range of beneficiaries – ultimately delivering significantly more impact with a far smaller team.
What was your craziest challenge at work?
In a previous company, I was launching a new market and hired our first local employee. He was great for the first 2 months, then suddenly absconded into thin air – laptop and all!
What are some different areas of impact you’ve considered working in?
After leaving my corporate management consulting job at Bain, I wanted to have a career with more purpose and impact – but didn’t know how.
I’ve dabbled across many areas – working in large nonprofits like the Rockerfeller Foundation, global social impact businesses like BIMA, local charities and enterprises in emerging markets, contributing towards social impact projects while at Bain and during my MBA, and even working within the public sector at a government department early on in my career.
There are pros and cons of each one – I love being able to start small and launch a new impact business from scratch, but there are also many other ways to have an impactful career!
What is your favourite quote that you would like us to include?
“I’m a great believer in luck, and I find the harder I work the more I have of it.” – Thomas Jefferson.