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Investor Insights
Unlocking Opportunity for Investors
We asked, "What if… technology and business entrepreneurs approached the Wealth Gap not as a government or corporate problem but as a product opportunity?" Could we develop disruptive solutions resulting in wide-ranging financial inclusions for affected communities? We answered yes and created Econofi™, empowering Community Banks with product innovation and technology to revolutionize financial services for underserved communities.
The Econofi ™ Team
Our Story
Large banks and online fintechs are investing heavily in technology to serve existing customers better and add new customers. Community Banks, lacking in product innovation and technology staff, are challenged to compete and are trailing to capture emerging opportunities to remain relevant and provide value.
Paradoxically, millions of adults in the U.S. are unbanked and underbanked and dependent upon very expensive Alternative Financial Services (check-cashing outlets, payday loan stores), spending $18B annually on check cashing and bill pay and are charged another $127B annually on usury fees and interest.
Can Community Banks and the community of unbanked and underbanked connect for reciprocal benefit?
When asked why this problem is important to solve, Co-Founder and CEO Bill Allen shared this anthology of personal stories about money and mission.
As a really young child, I would spend summers in Mississippi with my Aunt and Grandfather. Aunt Rose was the school’s music teacher and played piano for her church. It was not uncommon to walk out to the front porch and see bushel baskets full of pole beans, corn, peaches and other local harvests. Only years later did I realize these were her payment for playing piano and singing at a funeral or wedding.
Growing up in Chicago, I recall feeling poor - divorced parents, a humble frame house, stretched meals, basic toys, and used cars. In truth, we weren't poor, just lower income. My mother raised my sister and me on a meager salary as a Secretary for the City Colleges. But she always had bank accounts. In Chicago’s South and West side communities, it was normal to see check-cashing stores on most street corners. I generally overlooked the steady flow of customers and have only recently noted the usury costs.
In college, I studied Computer Science. Then, a career as a software engineer focused on solutions to varied problems sitting at the intersections of money, banking, and financial exchanges. This journey of solving complex financial problems undoubtedly formed my purpose, as embodied by this Steve Jobs quote, “We’re here to put a dent in the universe. Otherwise, why else even be here?”
Then, May 25th 2020. Worldwide shock and grief over the George Floyd murder. Protests! Confusion! Pain! Constant media coverage! Conversations examining "The Wealth Gap” and its generational domino effect of insecurity for food, education, jobs, and housing. Through this turmoil, my co-founder and I found this quote in a McKinsey publication.
“Our research shows that financial institutions could realize approximately $2 billion in incremental, additional annual revenue if black Americans had the same access to financial products as white Americans.”
~McKinsey & Company The case for accelerating financial inclusion in Black communities
We asked, "What if… technology and business entrepreneurs approached the Wealth Gap not as a government or corporate problem but as a product opportunity?" Could we develop disruptive solutions resulting in wide-ranging financial inclusions for affected communities? We answered yes and began innovating on what would become Econofi™, empowering Community Banks with product innovation and technology to revolutionize financial services for underserved communities.
Mission
Our mission is to create financial equality and inclusion opportunities in underserved communities, paving the way toward generational wealth and prosperity. We do so by empowering Community Banks with product innovation and technology, enabling them to offer modern financial services on par with large banks and online fintechs. This increases revenue for our partner banks while revolutionizing financial services for underserved communities.
Vision
Our vision is an inclusive America where historical inequities in the financial system are repaired through mutually beneficial partnerships between Community Banks and the communities they serve.
Values
Our core values are:
- Equity: We believe that everyone deserves access to affordable financial products and services.
- Empowerment: We believe that financial empowerment is the foundation of generational wealth building.
- Excellence: We are committed to providing world-class white-label technology to Community Banks, enabling them to offer modern financial services on par with larger banks and online fintechs.
We would appreciate feedback, advice, and introductions to accelerate building the Econofi ™ platform.