The funding of science and innovation has gained a new ally with the launch of Science Card. Described as a financial platform to accelerate innovation in science and technology, particularly in the fight against disease and climate change, its backers says that their mission is to “bridge the gap between science and financial services.” The e-money account and Mastercard debit card will help customers fund scientific research as they spend.
The Science Card, which is a free account, allows customers to choose which UK university project, or projects, they would like to support and automatically contribute to these each time they use their card. The projects currently available for support include those focused on kidney transplants, dementia and cervical cancer being conducted at King’s College London, University College London, Newcastle University and Kingston University.
When a customer makes a card payment, Science Card will automatically round up the amount and use it to fund the customer’s chosen research theme or project. Science Card customers will be kept updated by academics and researchers on the progress of projects.
Science Card Founder Dr Daniel Baeriswyl said: “The UK is a world leader when it comes to research and development […] but for too many people in these fields their time is spent securing increasingly hard-won funding, taking them away from what matters most and creating risk that vital research might not even be able to take place.”
On launching, Science Card notes that the UK currently spends 2.7% of its GDP on research, putting the country behind the likes of Germany, South Korea and the US, where research spending is in the region of 4,6% of GDP. As of 2020, this led to a £4 billion gap in funding, leaving researchers to spend significant time sourcing funds.
As well as supporting research through roundups, the card’s app allows micro-grants which can be given as a one-off or regular contribution to the chosen research projects. Science Card partners with leading UK universities to identify high-impact projects in need of funding. Projects deemed to “have the most profound effect on health and sustainability of society worldwide,” go through a due diligence process and peer review panel of more than 100 scientists from the UK, EU, US and Asia Pacific. Once a project is cleared it appears on the app for customers to explore and support.
Darren Deal, Senior Vice President Fintech, Government & Digital Partnerships at Mastercard added: “We are excited to be working with Science Card to tackle some of today’s biggest challenges and support future innovations in health, science and technology.”
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