World’s first social impact bond in UK cuts recidivism and rewards investors

The world’s first social impact bond (SIB) has reduced recidivism among offenders and repaid private investors in full, with a return of 3% interest per annum. Over five years, One Service embedded itself in the Peterborough, UK community and coordinated service providers to help male short-sentence offenders before and after their release with housing, employment, mental health support and financial advice. They worked with 2,000 prisoners and reduced recidivism by 9%, exceeding the target of 7.5%. Since then, 89 SIBs in 19 countries have mobilised over $300 million.