What led to the creation of ScribePay?
I founded Scribepay in 2020 along with my Co-founder Ikenna Emenyonu. The idea for ScribePay came when we became victims of a subscription trap. We were drawn into the purchase of a service through a 1-year free trial period, only to find we had been unwittingly locked into costly recurring payments. Like most people, we forgot about the subscription and were hit with a fee in a year’s time. We contacted our bank and they advised we should contact the vendor. We spoke with the vendor’s customer service team to cancel the subscription for the following year, and we were advised to send in an email for cancelation. We sent the email as advised thinking that was the end. The following year, we were hit with another subscription fee, and we thought…. there must be a better way!
Through our research we found out we were not the only ones experiencing this pain. Around 2 million people in the UK lose on average between £100-£200 yearly because of subscription traps. Furthermore, visibility is an important concern for consumers when it comes to subscriptions. £800m is wasted in unwanted subscriptions that are not easily visible on traditional bank statements.
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