Investor Insights
The Econofi ™ Team
Our Story
In today's rapidly evolving financial landscape, large banks and fintech companies are pouring resources into technology to better serve their existing clients while attracting new ones. Community banks, however, often find themselves at a disadvantage. With limited resources for product innovation and technology development, they struggle to keep pace and seize emerging opportunities. This challenge threatens their ability to remain relevant and provide meaningful value to their communities.
At the same time, millions of adults in the U.S. remain unbanked or underbanked, relying heavily on costly Alternative Financial Services like check-cashing outlets and payday loan providers. Each year, these individuals spend billions on basic financial transactions, enduring exorbitant fees and interest rates.
Is there a way for community banks and these underserved communities to connect for mutual benefit?
For co-founders Demetra and Bill Allen, this question is more than just a business proposition—it's a personal mission. As a husband-and-wife team with deep roots in Chicago's South Side, they share this anthology of personal stories about money and community, fueling their drive to create meaningful change.
Demetra grew up in Englewood, witnessing firsthand the economic struggles and the resilience of her neighbors as industries left the area. Bill’s upbringing in Roseland was similarly shaped by the community’s determination to overcome financial hardships.
Econofi follows a long tradition of brick-and-mortar financial institutions like Binga Bank, Seaway Bank, and ShoreBank that served the South Side of Chicago for decades. But Econofi is a digital – virtual – innovative fintech startup that leverages artificial intelligence to establish a path toward true financial inclusion for underserved communities.
Our mission? To empower the "unbanked" and "underbanked" citizens in communities like Roseland and Englewood, trapped in a cycle of predatory fees and debt by check cashing stores and payday lenders. Simultaneously, we're revitalizing the dwindling Community Banking sector, which has seen a staggering decline since 1990.
Econofi aims to restore economic stability and foster a future where financial empowerment is accessible to all.
Bill's career as a software developer involved solving complex problems for large organizations. He saw an opportunity to use his expertise to address the financial challenges in his own community. Demetra's background in business operations and accounting gave her an understanding of how financial systems are structured and how they often keep marginalized populations from progressing. Together, they wanted to create a fairer system that empowers people to support their families and grow.
They asked themselves, "What if technology and business entrepreneurs approached the wealth gap not as a government or corporate problem but as a product opportunity? Could they develop disruptive solutions that result in wide-ranging financial inclusion for affected communities?" They answered yes and began innovating what would become Econofi.
Econofi stands as a solution to the systemic financial challenges facing our communities, providing alternatives to the predatory financial services that overtook their neighborhoods with innovative, accessible solutions that empower rather than exploit.
Econofi stands out by focusing on what our competitors can’t or won’t do, but our true advantage is how we do it. Unlike generic solutions, we engage deeply with underserved communities to understand their unique financial needs. This approach drives product innovations that genuinely promote financial inclusion.
What sets us apart is that we don’t repackage existing solutions — we build them ourselves. Bill, our co-founder and lead developer, has woven his firsthand experiences and those of our community directly into the code. This persona-based interaction ensures that our solutions are innovative and rooted in the realities of the people we serve.
We believe who codes a product is crucial—it shapes who the product is for. When developers have lived the experiences they’re coding, the result is a product that truly resonates with its audience. This commitment to representation in tech ensures our solutions are made for—and by—the communities we serve.
Mission
Your zip code shouldn’t determine your financial future. Yet, in too many communities, access to modern financial services is limited, holding people back from building the life they deserve. We believe that if you have a strong Community Bank, you can build a strong community. That’s where Econofi comes in. Our mission is to empower Community Banks with cutting-edge technology capable of serving unbanked and underbanked citizens safely. By closing the financial inclusion gap, we aim to create pathways that transform local economies.
Vision
Financial equity shouldn’t be a far-off dream—it should be the standard. For too long, underserved communities have been left behind, trapped by financial barriers that make it harder for families to break free from cycles of poverty, build lasting financial independence, and access the resources they need to grow and prosper.
By partnering with Community Banks, we’re removing these barriers and repairing historical inequities in the financial system, ensuring communities have the resources to succeed. This isn’t an unrealistic ideal; it’s an achievable reality. With innovative technology and affordable financial services, everyone can have the opportunity to thrive, no matter where they start —creating a solid foundation for future generations.
Values
Our core values are:
- Equity: Everyone deserves access to financial services that are fair, affordable, and modern—no matter their zip code or background.
- Empowerment: We believe that financial empowerment creates lasting, positive change in communities.
- Excellence: We provide Community Banks with world-class tools to better serve their communities, ensuring that local economies thrive, and people have access to the financial services they deserve.