Recently named startup company of the year; Banqer has been recognized as being among the top global companies making a positive difference in the world. These companies were selected for creating the most positive overall impact on their customers based off of an independent, comprehensive assessment administered by the US headquartered nonprofit; B Lab.
Banqer was named in the ‘Best For Customers’ list, which includes businesses that earned a Customer score in the top 10 percent of the rigorous B Impact Assessment. The Customer portion of the B Impact Assessment measures the impact a company has on its customers by focusing on whether a company sells products or services that promote public benefit and if those products/services are targeted toward serving underserved populations.
The full assessment measures a company’s impact on its workers, community, customers and environment and is gaining in popularity inline with the growing social enterprise sector. As it stands there is no regulation or structure required for a company to identify as a social enterprise in New Zealand. The B Impact Assessment allows social enterprises a way to opt-into structured self-regulation.
Honorees scoring in the top 10 percent set a gold standard for the high impact that business as a force for good can make on consumers around the world. Banqer made the list thanks to exceptional practices like the inherent social good of their financial education platform, their focus to serve minority communities, and their commitment to develop an ethically proactive workplace.
Banqer was was one of two NZ companies honoured. Ethique, also a Christchurch based startup was named in the Best For Community list. Last year Christchurch hosted the Social Enterprise World forum, Christchurch is also home to the highest concentration of registered B Corporations in New Zealand.
Banqer Co-founder Kendall Flutey commented “I don’t believe business can exist solely through a profit-seeking lense anymore. The companies who are still around and thriving in another couple of decades will have purpose seeking at their core. This is not to say there isn’t tension between profit and purpose, but purpose is still worth pursuing.”
Additional 2018 Best For Customers honorees include AltSchool, Sunrise Banks, and Wetherby Asset Management. The wider lists recognise companies like Patagonia and King Arthur Flour Company.
Banqer is an online financial education platform that enables primary and intermediate students to experience personal finances first-hand in their classroom. Over 67,000 Australasian kids are currently earning classroom income, paying taxes, exploring the property market, enrolling in KiwiSaver and much more as they practice how to manage their money in the safe confines of the classroom. This activity, increasing their financial capability through educational simulation, prepares students for the financial world ahead.
The B-Lab Movement
B Lab is a nonprofit organization that serves a global movement of people using business as a force for good. Its vision is that one day all companies compete not only to be the best in the world, but the best for the world and society will enjoy prosperity for all for the long term. Today there are more than 2,400 Certified B Corporations across more than 150 industries and 50 countries, unified by one common goal: to redefine success in business.
A list of all honorees are featured on B the Change, the digital Medium publication produced by B Lab, at bthechange.com/bestfortheworld