to 33.7% that same month as the first round of federal stimulus checks started flowing and those who held onto their jobs stopped spending on restaurants, travel and all those other suddenly verboten activities.
Another cohort hopes to help low-income households typically left behind by the traditional banking industry. In addition to MoCaFi, there’s Esusu, a startup that helps people build credit by reporting rent payments to credit bureaus. Propel’s mobile app helps food stamp recipients track their balances, and it partnered with a nonprofit last year to deliver more than $140 million in $1,000 cash payments directly to users hit hard by the pandemic.
Cofounders & Co-CEOs: Abbey Wemimo, 29, a Nigerian immigrant; Samir Goel, 27; each cofounded nonprofits before starting EsusuSubscription-based app starting at $4.99 per month per family, offers automatic allowances, chore tracking, budgeting, charitable giving and debit cards for kids—all overseen by parents.
Funding: $19 million from Mastercard, Citi Impact Fund, Tom & Wende Hutton, Radicle Impact and othersBona fides: Though it still only has 30,000 users, it has now struck deals with 10 community organizations and cities, including Los Angeles and Honolulu Headquarters: New York City
Any finance related list without any entries from China is suspect! Do better next time, LOL!
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