Enfuce and Science Card look to boost scientific research funding with new card offering
Finnish issuer processor Enfuce has partnered with UK-based neobanking start-up Science Card to develop and launch a new card offering that helps to fund scientific research at universities throughout the UK.
Customers will be able to fund scientific projects of their choice through their normal day-to-day payment activities.
Enfuce will issue and process the Mastercard-branded card, which will be made available through Science Card’s app. Enfuce will also provide real-time transaction monitoring, spending controls and customisable modules.
Science Card will enable contributions of any size to be made to scientific research projects via the app “in seconds”. It says this process will remove “layers of philanthropic complexity”, shortening the time from funding to the start of research from approximately 12 months to five minutes.
Within the Science Card app, users can view and choose which university and which scientific project to send micro-grants to whenever they use their card to make a payment. They will also be able to see Science Card’s total funding for all projects.
Additionally, Science Card will also direct 10% of its profits to fund scientific R&D projects at leading UK universities.
Launched in the UK by scientist and deeptech entrepreneur Daniel Baeriswyl, Science Card has been built “to create the future earlier rather than later”.
CEO Baeriswyl says lack of funding is a common problem in academia that leads to many scientists abandoning vital research.
“Science Card’s customers generate an immediate and positive impact by funding research into better healthcare, cleaner energy, education and other projects that benefit society.
“In return for our customers making micro-grants, they gain part of the intellectual property of that research and stand to directly benefit from creating change for society as a whole.”
Science Card’s initial launch is hoped to attract an estimated 30,000 customers, with the goal of funding at least one scientific R&D project worth at least £300,000 within the first year.
There are plans to expand Science Card to the European Union and the US over the next few years through partnerships with leading universities in those markets.
Ultimately, Science Card estimates that it will attract more than two million customers by 2028 and generate scientific funding worth upwards of £100 million per year.