SmartI&E offers a unique way to assess affordability that does not impact one’s credit score using open banking data and de-risking fraud.
After experiencing both the pain of losing his father from ill health and then suffering a serious health scare himself due to pressure caused by financial barriers and stress Simon decided to bring his dream vision of SmartI&E to reality. Over the past 25 years, Simon has worked in different countries including the UK, Australia and now Canada, leading digital transformation initiatives in credit, collections, and financial well-being.
Simon has since been on a mission to create what he describes as a movement to help Canadians with their financial health.
SmartI&E was recently selected to join Fintech Cadence’s 2025 Innovate Financial Health (IFH) Lab, a national program dedicated to supporting founders on a mission to improve the financial health of Canadians and Canadian businesses. Today, we sit down with Simon Howard to learn what inspired him to start SmartI&E
Tell us about your startup and what inspired you to start it.
Seven years ago, I created the name SmartI&E—short for Smart Income and Expenditure—while working with two major UK banks to redesign how affordability data is captured to demonstrate fair treatment of consumers. Since then, I’ve worked with banks, lenders, credit counselors, and regulatory experts to shape what ‘SmartI&E’ has become today.
The idea was born not just from a professional challenge, but also from a deeper understanding of how overwhelming financial stress can be. Many people feel isolated or judged when they’re struggling—often delaying conversations that could make a real difference. That experience has stayed with me and continues to guide our mission: to make affordability clear, accessible, and empowering for both consumers and the organizations that serve them.
SmartI&E is transforming how businesses assess financial affordability. Our platform automates income and expense evaluations using verified open banking data and behavioural science driven by AI.
We’re solving a growing problem:
- 33% of consumers are financially vulnerable, yet most businesses can only identify 3-10% leaving them exposed to potential bad debt and losing customers to insolvency.
- 35% of Canadians are credit invisible and excluded from credit, housing and building financial wealth – this is discrimination!
- 40% of Canadians say they lack basic financial literacy—leaving them vulnerable to debt, stress, and poor decisions. We need to take gamify!
What drew you to entrepreneurship and what energizes you to pursue SmartI&E even when things aren't going as planned?
I have always been entrepreneurial. My father owned his own business for 40 years and I have run multiple businesses and a consultancy and this year I set my son up in his own catering business too. He has just been nominated for the Henry Bernick’s Young entrepreneur of year Award. After years of working with banks and financial institutions, I realized meaningful change required more than advice—it required action and a solution.. Creating something like SmartI&E wasn’t just about business; it was about solving a problem I deeply understood and cared about which is giving people a fairer, more empathetic financial experience.
I am resilient and persistent. When things aren’t going as planned—as they often don’t in a startup—I remind myself why this matters: because behind every data point is a person trying to keep their home, access credit, or provide for their family. I remind myself, there are people struggling in silence who we can help. The progress we’ve made already despite the odds—that’s what keeps me going. This isn’t just a product; it’s a mission. And missions don’t quit when it gets hard.
How do you interpret your success? What about your failures?
We need failure to progress. Its sounds cliche but I have been dreaming of this for nearly 10 years and along the way I have done it all, the crazy, stupid, being too passive, losing confidence, upsetting people, making new friends, oversharing, not being brave…My family believes everything happens for a reason. 18 months ago I suffered a mini stroke. It was a wake up call. Life is too short, lets get SmartI&E out there now.
What inspires you when it comes to finding a solution to help the financial health of Canadians?
Canada’s regulators have created policies around fair treatment of consumers but dont have the stringent practices in place that I have seen really help people in the UK or Australia. There are 14M Canadian struggling with debt and I was and remain one of the newcomers frozen out of mainstream credit.
No one should be afraid to reach out to their lenders or to a counselor for help and no matter where you have come from you should not be barred from main stream credit, housing or insurance. There have been advances and investment but Canada is so far behind other countries who put consumer’s interests first I believe so many suffer in silence. This energizes me every day to build tools, create pathways, and help bridge that last mile toward real financial confidence and opportunity for all Canadians.
And to follow, what unique financial health challenges or opportunities do you see happening in the Canadian market?
Canada is on the verge of a black swan event due to its economy, housing crisis, displacement of jobs due to AI and the impact of US tariffs . I have written an article on this on Linkedin. A Black Swan event is rare, unpredictable, and massively disruptive. Think: the 2008 financial crisis. COVID-19. Sudden AI disruption. In every case, one truth emerges — those least financially resilient suffer the most, and recover the slowest.
In Canada, 47% of households report being $200 or less away from serious indebtedness each month. That number spikes in times of crisis, and traditional credit models often fail to detect or support those on the brink — until it’s too late.
Financial institutions often rely on backward-looking data: credit scores, income history, repayment records. But Black Swan events don’t show up in historical data — they expose vulnerabilities in real time.
The timing for a solution like SmartI&E is now. think of us as part of Canada’s financial immune system — spotting risk before it becomes crisis, and supporting those who need help navigating the unknown.
You describe SmartI&E as "a movement" rather than just a product. Can you expand on what that means in practice and how you're mobilizing this movement in Canada?
SmartI&E isn’t just an affordability tool — it’s a national effort to reshape how financial vulnerability is understood, assessed, and addressed in Canada. The old methods — income checks, credit scores, repayment history — miss too many consumers. We’re building a data-driven, human-first framework to bring fairness and transparency to how lenders, utilities, governments, and advisors support Canadians.
This movement is about:
→ Changing the conversation from “Can they pay?” to “What’s fair, sustainable, and in their best interest?”
→ Mobilizing stakeholders across sectors to recognize financial stress before it becomes crisis
→ Empowering consumers — especially the self-employed, gig workers, newcomers, and credit invisibles — with tools that help them access credit, housing, and support with dignity.
Can you talk to us about your international experience and markets, what do you think Canada can learn from them and what in turn do you think Canada can bring to the table?
Over the past 25 years, I’ve worked across the UK, Australia, and Canada, leading digital transformation initiatives in credit, collections, and financial well-being. Each market has taken a different approach to affordability and consumer vulnerability, offering valuable lessons:
→ UK: The FCA (Financial Conduct Authority) introduced a clear vulnerability framework and mandated affordability assessments across credit and collections. The key takeaway? UK lenders are now expected to demonstrate not just fairness but proactive consumer support — with real consequences for failing to do so.
→Australia: ASIC’s emphasis on financial capability and inclusive lending has pushed the industry toward tools that help consumers self-assess affordability. This has helped normalize early engagement and made hardship support less stigmatized.
→Canada: Caught Between Awareness and Action – policy and no practice!
Canada is waking up to the affordability crisis, and both FSRA and the FCAC are taking early steps. But compared to the UK and Australia, we’re behind on implementation and adoption of consistent, tech-enabled affordability standards.
What Canada Can Learn
- Don’t wait for a crisis to act — build affordability infrastructure proactively, before regulatory penalties or public backlash force it.
- Create cross-sector collaboration between lenders, utilities, governments, and social services — the UK saw real impact when data and responsibility were shared.
- Prioritize vulnerable and those who face barriers to credit such as self-employed and the credit-invisible Canadians
What's the best career advice you've ever received?
Learn to enjoy the NO’s! You need more No’s to get to a Yes. Selling anything is a game of odds but as long as you can demonstrate and explain your value proposition to a 5 year old you will succeed.
For all the aspiring entrepreneurs out there, what advice would you give to someone who is thinking about starting their own startup? What book(s), podcast(s) or movie(s) do you highly recommend?
Have a plan, believe in yourself, know your value proposition and the pain points you are addressing. Remember, People buy into people not just your product and if they see your passion they will be attracted to you and learn to trust what you are selling.Also, find a place like I did called the Henry Bernick Entrepreneurship Centre as it provides a mentor, training and connections. The last thing, show up to everything you can and learn to connect, who you know goes so far and will open doors especially if you build a personal rapport.
As per the recommendations:
I am obsessed with podcasts and listen all night (I know its bad) to them however I tend to separate my work from my other interests so i focus on history, science and sport although I also love psychology podcasts too. I read less books then I should which is probably my ADHD kicking in again but I ingest a lot books using Blinkist and I delved into every self help, motivation, leadership guide…my favourite ever is Alan Sugar’s – he is a hero of mine – see the TV show the UK Apprentice. We both grew up in a tough part of london and appreciate hard work gets you to where you need to be.
What are you most proud of?
I played Professional Ice hockey in the UK for over 10 years and a career spanning 1,500 games and starting from the age of 6 to 40! Including playing for my country at multiple world championships. I coached pro hockey, coached kids hockey (my sons’ teams and the UK junior national team) and I owned a hockey team for 4 years (don’t do it!!).
Finally, what’s next for SmartI&E?
We are hosting an affordability summit Nov 27th in Toronto. The first event of its kind, bringing together lenders, regulators, tech innovators, and consumer advocates to tackle the affordability crisis head-on. It will be the official launch of SmartI&E and we hope to have the early adopter data ready to show there too.
Where to find SmartI&E:
Register to our upcoming IFH Lab Showcase here to listen to Simon pitch – taking place online on July 31st.
Connect with Simon here.
