Tackling the £89 Billion Problem of Lost Assets in the UK A new platform is making it easier for consumers to track down forgotten bank accounts, pensions, and other dormant assets, offering a simple and free solution to a widespread financial issue.

In this Entrepreneur UK interview, Duncan Stevens reveals the inspiration behind London based Gretel, the UK's most searched platform for rediscovering lost finances. He explains how his team is making it easier for consumers to track down forgotten accounts and how his own journey navigating financial challenges has shaped the platform's mission.

What inspired you to start your business?
We designed Gretel to solve one of the big hidden problems in financial services - helping consumers track down their share of the £89 billion languishing in lost and dormant assets in the UK. Millions of people in the UK have become disconnected from their finances - whether it's forgotten bank accounts, pensions, or savings and investments. I realised there was a massive opportunity to create a centralised platform that could solve this problem, but also be simple, easy to use, and free for consumers.

The inspiration for Gretel came from my involvement in the government's Dormant Assets Scheme, where I saw firsthand the challenges and inefficiencies in asset recovery. The name Gretel comes from the Hansel and Gretel fairytale, reflecting the idea of helping people rediscover their way back to their lost assets.

Creating technology that would address the challenges of customer reconnection across the entire financial services landscape has meant that Gretel has quickly become the most searched platform in the UK, helping over hundreds of thousands of people each month search over 3,000 financial institutions completely for free. Gretel has transformed the speed, simplicity and accessibility with which people can uncover their lost finances requiring nothing more than an individual's name, address and date of birth, ensuring the most vulnerable can be helped. Helping families find financial security is what motivates us to keep growing the platform.

What was your biggest challenge and how did you overcome it?
Starting a business always comes with challenges. For us, the biggest frustration has been wanting to move faster to help more people but being dependent on the pace of corporate clients. While we pride ourselves on being fast and agile, onboarding large financial institutions can take time. Another challenge has been bandwidth. As a small team, we've sometimes had more demand than we could handle, but we're addressing that by expanding the team to ensure we can keep up with both client and consumer needs.

How did you secure your initial funding?
Securing funding was critical for our growth, and we've been fortunate to have investors who believe in our vision. The financial impact of the COVID pandemic on consumer finances and more recently the cost-of-living crisis makes Gretel more relevant than ever with the public and this has translated into two successful VC-led funding rounds. Ultimately our investors saw the potential in what Gretel could deliver—disruptive technology with the power to transform the financial services landscape—and backed us through uncertain times.

How do you handle failure or setbacks?
Failure is part of the journey. When the pandemic hit in 2020, many of the promising conversations we were having with financial institutions came to a halt as businesses prioritised operational resilience in the wake of the pandemic. Instead of giving up, we focused on what we could control: managing costs, shoring up our defences, and continuing to develop our proposition. Setbacks are tough, but they also teach resilience. For me, staying focused on the bigger picture—helping millions of people reconnect with their finances—keeps me moving forward.

What advice would you give to someone starting their own business?
Do your homework. Understand the problem you're solving and whether your idea truly adds value to your target market. Be honest with yourself about whether your concept is different enough to make a material impact. Prepare for the emotional and financial rollercoaster. Building something new takes longer than you expect, and there will be times when it feels overwhelming. Focus on what you can control, be aware of the competition but don't get too distracted by it. Most importantly, surround yourself with people you trust and whose values align with your own. For me, that has been key to building a team I enjoy working with and a business I'm proud of.

How do you stay motivated during tough times?
I stay motivated by focusing on the impact we're making. Every time we reconnect someone with lost money, we're helping them find financial security, often during difficult moments in their lives. Knowing Gretel is delivering on its social purpose keeps me inspired. On a personal level, I make sure to take time to reflect and celebrate even the small wins. Tough times are inevitable, but they're easier to get through when you stay connected to your purpose and the people who support you.

Share your tips for achieving success….

1. Solve a real problem: Make sure your business addresses a genuine need and keep the end user at the heart of your decisions.
2. Be adaptable: The path to success rarely looks how you imagine it. Stay flexible and be willing to pivot when necessary.
3. Focus on execution: Ideas are important, but execution is everything. Create a plan, stay disciplined, and deliver on your promises.
4. Invest in your team: The people you work with will make or break your business. Hire people who share your vision and complement your strengths.
5. Play the long game: Building a business is a marathon, not a sprint. Stay patient and committed to your vision, even when progress feels slow.