Hi, fintech fam! 💜

I am so stoked because I’m gearing up to share the Fintech Is Femme Leadership Summit agenda with you soon!

We have some incredible speakers lined up who are ready to share their knowledge on fintech and leadership. Also, we will have a mandatory dance party!

You are people who are making waves in the industry by creating innovative products that will shape a fairer financial future.

You deserve an event that recognizes your hard work and equips you with the tools you need to succeed.

That's exactly what the Fintech Is Femme Leadership Summit is all about. It's a chance to network, learn, and build relationships that will propel your career forward.

I am excited to continue building this platform with you and providing you with everything you deserve.

Now, let's take a moment to celebrate an amazing woman in fintech who has been inspiring me lately.

WHY UPGRADE?

There’s a big difference in how the mainstream media covers fintech and how I do. Every week, I will provide you with the latest fintech news (minus the BS), profiles of inspiring women in fintech, and insightful analysis to help you stay ahead of the competition.

For our premium members, I send out updates 3x a week through our new column, "On Performance.” These columns will provide tactical advice to improve your entrepreneur and business leader performance.

Plus, premium members support female-led journalism and keep this work going. Because of your support, Fintech Is Femme is more than just a newsletter; it's a media empire and community for women to connect, learn, and support one another.

ICON

When Proximity Breeds Insight: Sheena Allen’s Fintech Built for Generational Wealth

Sheena Allen is an entrepreneur in the fintech industry who knows how to solve her community's problems and create a successful business.

Born in Terry, Mississippi, the CapWay Founder and CEO grew up understanding the devastating impact of financial inequity. 

Nearly a quarter of Mississippi's residents are underbanked, making it the state with the nation's highest percentage of unbanked households. 

Contrary to popular belief, being financially underserved does not just hurt the poor. It also impacts communities and the larger economy as a whole.

Sheena’s tiny town of Terry had just one bank. She watched her friends and family become victims of predatory financial tactics and vowed to spearhead change. 

Going from a town steeped with financial inequity to the youngest person in the United States to own and operate a neobank, here is Sheena’s story and what we can learn from her. 

Sheena graduated from The University of Mississippi, receiving a dual degree (QUEEN 👑) in Psychology and Film. 

In 2011, during her last year of college, she began her first tech company, Sheena Allen Apps. Sheena managed to fund this startup on her own and it became very successful, with millions of people downloading her mobile apps.

She got the idea for her first app when she saw one of those long Walmart receipts and wanted to find a way to organize and keep track of her spending.

The 2010s were the mobile app gold rush, and Sheena’s big moves and bold ideas at just the right time catapulted her into tech success — a very different path than her parents intended for her to take. 

“It was scarier for them than it was for me,” she said to Visa about her parents’ hesitancy with her choice to pursue entrepreneurship. “They wanted me to take the safe route, and I was like, ‘Nope, I'm going to be the risky, crazy entrepreneur.’”

And we’re so glad she did 🤑

By 2013, Sheena recognized her need for more business-building resources beyond what Mississippi could offer. 

So she moved to Silicon Valley and eventually to Austin, where she increased her knowledge of generational wealth and built strong personal finance skills. 

She eventually returned to Mississippi and realized that in Terry, nothing had changed.

Financial inequity was still rampant. Predatory banking tactics still ran the show. 

Sheena realized she needed to do more for her community.

Enter CapWay in 2019. 

Staying true to her ability to spot problems and build solutions, Sheena knew she had to step in and create a platform to help unbanked people, just like the people she grew up with in Terry. 

“I had a vision from the beginning of really changing the financial future for what I hoped would be billions of people. I saw this being a global company and changing many lives all over the world,” Sheena told In The Works. 

Sheena says most of Silicon Valley didn’t understand CapWay’s mission.

Considering nearly 90% of Silicon Valley’s funding goes to men, it’s not shocking that investors chose not to understand Sheena’s vision. 

But the reality that Black founders are often overlooked doesn’t stop Sheena. In fact, she says she’s “motivated by that reality.” 

“The traditional financial system has played a role in the economic disadvantage of the Black community – from redlining to denial of personal and business loans to higher interest on mortgages...” Sheena told Visa. 

Representation matters a lot. As a Black founder from a banking desert, Sheena’s perspective differs from many other founders building banking products or fintech startups. 

Traditional banking has historically dropped the ball on being inclusive.

Capway is an ecosystem of products and services focusing on more than just digital banking. 

Digital banking is critical, but Sheena clarified that she wants to put people on a genuine pathway to economic health in other parts, such as financial education. 

Far too many Americans don't have $400 in savings should they face an emergency. 

There's a community piece that consumer fintechs overlook, especially for people who haven't always had the same access and opportunities. 

CapWay also chose to build a lot of its technology in-house. 

“We did that because we didn't want to be constrained by anyone else's technology or APIs,” she shared. “We really wanted to challenge the financial system in our way.”

Capway is the change that many have been looking for and, more so, what many deserve.

Today, CapWay partners with Visa to provide online banking services with huge benefits for its customers.

There are no overdraft fees, no monthly fees, no minimum balance fees, and no fees to withdraw cash.

Overdraft fees alone are a multi-billion industry in the United States, literally preying on people who don’t have money.

Fortunately, legislation has been in motion to reduce overdraft fees for consumers, but until then, it’s up to fintech entrepreneurs like Sheena to close the gap. 

In addition to offering online banking services, CapWay is also dedicated to educating consumers about personal finance through free educational resources. Moreover, they provide a platform for people to discuss money, recognizing that true trust-building occurs when founders connect with their customers in their own communities.

Oh, and CapWay DID get yeses from investors.

Because even though the status quo has been to build the white male business, women are and have been challenging it for decades. 

Sheena’s story is a reminder that fintech companies can’t just serve one demographic. Some people still live in banking deserts, and much of Silicon Valley isn’t focused on them. 

“You no longer need Silicon Valley to be successful in the tech world,” Sheena told Shoppe Black. “Silicon Valley will always be Silicon Valley – the bad and the good that comes with that reality. 

However, as minorities, there are other up-and-coming tech hubs that we can now take advantage of, including Harlem, Atlanta, Cincinnati, and New Orleans.”

As leaders in the fintech industry, we are responsible for challenging the status quo and driving innovation. 

By tapping into the needs of our communities, we can create better financial solutions that benefit everyone. 

Let's push the boundaries and question existing norms to make a positive impact and improve the way we handle financial transactions. 

Sheena's story and advice remind us of our duty to innovate and make a difference in people's lives.

_{WTF ELSE?}

• India finance ministry to meet fintech startups next week, source says

• Top 20 most valuable fintech companies in the US

• Fund Her North co-founders launch female-focused angel investment network

• A venture capitalist’s view of AI: Where the money is

• A deep dive into payroll data to find the true gender pay gap

_{I WANT IT, I GOT IT}

• 📚 Today’s Read: Pre-order, as I did, your copy of Kara Swisher’s “Burn Book: A Tech Love Story,” sharing the story of the tech founders who wanted to change the world but broke it instead. I love this woman. One of my journalistic inspirations!

• 👀 Today’s Watch: Want to hear more about Sheena Allen? Watch her incredible TEDX talk. It’ll light a fire under you.

• 🍣 Today’s Eats: I had a fabulous dinner with fintech friends at Cathédrale. It's a gorgeous venue. French-Mediterranean cuisine. Good friends and vibes. There’s nothing better!

_FINTUNES

🎵Amythyst Kiah - Wild Turkey

Discovered this amazing musician thanks to Beyoncé. It's a great example of the positive impact of Beyoncé's work. She explores country music, and as a result, more people are becoming aware of other incredible Black artists who are excelling in their craft. This song is absolutely fantastic.

That’s all for now! Stay safe, everyone. Hug your loved ones. See you Thursday!

Love,

Nicole

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