Building Better Futures: How Loqbox is Redefining Credit for the Underserved Entrepreneurship is about solving problems, and for Tom Eyre and Gregor Mowat, the problem was clear: too many people were locked out of opportunities due to financial exclusion.
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Co-founders Tom Eyre and Gregor Mowat of Bristol based Loqbox, share the highs, lows, and hard-earned lessons from scaling the UK's leading credit-building platform. Through Loqbox, they've built a sustainable business that empowers users to improve their credit and financial literacy—proving that purpose and profit can go hand in hand.
Entrepreneurship is often born out of a desire to solve meaningful problems. For Tom Eyre and Gregor Mowat, co-founders of Loqbox, the problem was clear: financial exclusion was locking too many people out of opportunities. "Loqbox was inspired by the profound impact that financial struggles can have on people's lives," they explain. "From mental health to relationships and the ability to plan for the future, financial stress touches every aspect of life."
Since launching Loqbox in 2017, the duo has made it their mission to bridge the gap in financial education and accessibility, particularly for young people and those new to the UK's credit system. "Too many people are locked out of opportunities due to financial exclusion," they say. "We launched Loqbox to break down these barriers, and our mission remains firm to this day: to give everyone access to a richer life."
Loqbox combines savings discipline, credit-building, and financial literacy into one platform. The goal isn't just to provide a quick fix but to empower users to develop lifelong healthy financial habits. "Our goal isn't to just make a short-term impact, but to help people develop lifelong healthy financial habits," they add.
Like any entrepreneurial journey, the path to success for Loqbox has been paved with challenges. Early on, Eyre and Mowat saw an opportunity to expand into the much larger US market. It seemed like a logical step, but as they soon learned, scaling internationally is not without its pitfalls.
"In early 2019, we saw an opportunity to bring Loqbox to the much larger US credit-building market," they recall. "At the time, there was only one competitor, Self, which wasn't gaining much traction despite significant venture capital backing. We assumed our better, cheaper product would succeed without doing proper market research."
The team hired a US CEO and launched their offering in January 2020, just as the COVID-19 pandemic disrupted global markets. "This forced us into an extended pilot phase with a skeleton crew, unable to properly promote the product," they explain. Meanwhile, the competitive landscape in the US shifted rapidly. "By the time we were ready to scale, the market had exploded with competitors like Chime, a US neobank backed by $2 billion, offering loss-leading credit-building tools as part of its growth strategy."
Ultimately, the venture proved unsustainable. "In mid-2023, we exited the US market after realising the impact of venture capital dollars on customer acquisition and the challenges of scaling internationally without adequate resources," they admit. "It was a costly experiment that provided some valuable lessons." These lessons have reshaped their approach to expansion, teaching them the importance of ensuring the right size, resources, and organizational structure before entering a new market.
Funding on their own terms
One of Loqbox's defining traits is its refusal to rely heavily on external funding, a bold stance in the venture capital-fueled world of fintech. "We've never relied on external funding to the same extent as many other businesses," they explain.
Between 2017 and 2021, the fintech industry was dominated by a "growth at all costs" mentality, with venture capital firms backing startups that focused on rapid user acquisition over sustainable business models. "We didn't buy into that approach," they say. "Instead of chasing rapid user acquisition, we focused on creating real value for our members, growing sustainably, and reinvesting earnings into the business." This approach wasn't always easy. "At times, it felt like we were at a disadvantage compared to the startups raising millions of pounds with unsustainable models," they admit. However, the funding landscape eventually shifted. "The appetite for businesses with no clear path to profitability dried up, and the market began rewarding companies like ours."
Every milestone Loqbox has achieved—from growing their team from 15 to 120 employees in three years to scaling operations to support an expanding customer base—has been funded by the success of their products and the loyalty of their customers. "It wasn't the popular route, but it's one that has allowed us to build a sustainable business," they say.
As seasoned entrepreneurs, Eyre and Mowat understand that setbacks are inevitable. Their approach to handling failure is rooted in learning and adaptability. "Setbacks are inevitable when you're building something new, especially in a fast-moving industry like fintech," they say. "The key is to approach them with a mindset of learning and adaptability."
When something goes wrong, they focus on understanding the root cause. "Was it a flaw in the strategy, the execution, or external factors beyond our control?" they ask. Once the issue is identified, their attention shifts to finding solutions and ensuring the same mistake isn't repeated. "Rather than dwelling on the failure, we use the feedback to refine our offering and make it better," they add.
Advice for aspiring entrepreneurs
Eyre and Mowat's journey has given them a wealth of insights that they're eager to share with aspiring entrepreneurs. First and foremost: know your "why." "Building a business is hard work, and if you don't have a clear sense of purpose driving you, it's easy to lose focus," they advise. "Your 'why' will be the thing that keeps you going when the challenges seem insurmountable."
They also emphasise the importance of sustainability. "In the early stages, it's tempting to focus entirely on growth, but if you don't have a solid foundation – whether it's your business model, your team, or your processes – you'll struggle to scale effectively," they say.
Finally, they encourage a mindset of continuous learning. "No one has all the answers," they say. "Seek out mentors, listen to feedback, and don't be afraid to pivot when needed."Motivation can be a challenge in the high-pressure world of entrepreneurship, but for Eyre and Mowat, their mission provides a steady source of inspiration. "Knowing that our work helps people improve their financial futures is incredibly fulfilling," they say. "Every time we hear from a user who has successfully built their credit history or saved for a major purchase, it reinforces our belief in our mission."
Their team also plays a crucial role in keeping spirits high. "Our team's passion and dedication inspire us every day," they say. Celebrating small wins along the way has become an integral part of Loqbox's culture. "Those moments remind us why we started and keep the momentum alive," they add.
Tips for success
When it comes to achieving success, Eyre and Mowat have a few key principles: Stay focused on your mission. "Distractions from your business's purpose lead to suboptimal decisions," they warn. Build resilience. "Setbacks are inevitable, particularly for early-stage or growth-stage businesses," they say. "As an entrepreneur, every time something good happens, you steel yourself for some form of a gut punch, so you've got to be resilient to be able to manage that." Make data-driven decisions. "While intuition is valuable, backing your decisions with data ensures you're always moving in the right direction," they advise. Lead by example. "As leaders, our behaviour shapes the culture of our organisation. A sense of humour, empathy, and authenticity go a long way in inspiring a team to perform at their best," they say.
A mission that matters
For Eyre and Mowat, Loqbox is more than a business - it's a vehicle for change. Their journey is a testament to the power of staying true to your mission, learning from setbacks, and building a sustainable foundation. As they put it, "Every milestone we've hit has been achieved by creating real value for our members and reinvesting earnings into the business."
Through Loqbox, they've proven that entrepreneurship can make a lasting difference, empowering people to unlock richer lives, one credit score at a time.