Untapped Investor Summit (Anji Ismail - Co-founder and CEO of Finnt)

Let's go ahead and transition and hear from Anji. He's part of our Fund one portfolio. He's the CEO and co founder of fint. He's also a graduate of Y Combinator. As you guys know, Y Combinator is like the Harvard of startups. I want to go ahead and ask him to present.

So hello everybody. Yeah, I'm Onji, co founder of fint. So, yeah, I'll give you a little bit of background on what we're building at fint and we'll leave some time for any questions you have. So first thing about me is that I'm originally from France, my family is originally from Tunisia and I've been sending money to Tunisia for the past 18 years. So half of my life, I'm 36 today and I've come to realize a lot of things about money remittance in general. So what you need to know is about $1.2 trillion will be sent through remittance. So service, you might know leaders like Western Union, remitly and so on. And they are in the world, about 3.5 billion people who are either underbanked, so no bank service at all, or sorry, unbanked, no service at all or underbanked, which means they have an account but they never use it, basically. And what we see with remittance especially, it's very outdated process. So you still get this paper receipt, it's very expensive as well. You don't have any budgeting capabilities, any budgeting tools, right? So you're sending money when someone needs it. There is no savings. So basically it's money comes in, money goes out. Right? Money comes the first of the month and is being spent in the first week on food supplies, medical bills. And of course it creates a big financial literacy, especially in market with high currency inflation. So people just get their local money, they spend it instead of understanding how to save, how to better spend or how to, for example, use other collateral such as USD, for example. So what we want to do with FINT is a very big, big mission vision. Like again, it's coming from 18 years of sending money to my family. It's to give everyone in the world access to financial services and through someone they trust. And the trust is very important. We believe there is a lack of trust, especially in developing countries for bank for just our country, our Westworld. So there is a lot of trust, but these people still trust us, their family abroad. So we want to build that trust within the app. And so Fin today is helping Jasperine families to bank Together. So here I am in the US and I can extend my access to financial services that I have here in the US to my family abroad. So. So that's what FINT is about today to do. So we use a mix of crypto and traditional fintech. But tomorrow FINT want to enable what we call the family cfo. So you can think of lending, right loan between individual. You can think of bill pay. So directly pay bills from here in the US to anywhere in the world saving accounts. I talked about this and crypto because we also big believers in crypto as a collateral, as an asset to grow wealth in a cross border way. So just a final point on where we are going in this vision. So we're calling it remittance banking. It's basically if you think of remittance history, right there is traditional remittance, there is a generation with web first money transfer companies and there is this remittance banking kind of new generation. It's a big market so where you add all financial services you can think of on top of the remittance corridors. So we believe this market will be huge. And that's one of the reason why we go after about FINT as a company. So we launched a private beta in earlier Q1 this year in just 6 states of the US so our customer needs to be based in the US even though their family can be based abroad obviously. And we are launching our public beta by end of the year, most likely just before Christmas. So so far we raised about 3.5 million with Y Combinator and other larger firms. And of course the focus today is on tap. So just a quick note on that. Like I've met George in the team back when we were during Y Combinator. So super interesting that they reached out before demo day because during demo day there is a ton of interest and it's really hard to. At least the market in Q1 was very hard for companies. So we had like 200 inbound interest from VCs and angels, et cetera. So it was really hard to meet people after demode. But luckily NTAP met with us earlier and also I really liked their pragmatic approach. I think there is a big as you can see alignment you saw on Untapped focus is about web3, crypto, fintech but also family and people basically. So we had this kind of alignment. And yeah, untapped has been very helpful so far. I think it's a smaller firm compared to some of the other VC we have obviously but more hands on and we have this, for example, we have this on Thursday. This coming Thursday, we have this CEO meetings with other portfolio companies. And that's super helpful to help share our biggest issues, what we think about and how we can help each other. So that's it for me. I hope it was clear. Let me know if you have any question. Okay.

Awesome. Thank you, Angie. We probably have time for just one question. Anybody here in the live audience want to ask Anji something? So the question is about micro loans. Angie Burgundy's asking, like, are you guys looking into micro loans in developing nations? Is that something you're interested in doing?

Yeah, definitely. This is a great question. Microloans is definitely something we'll be looking at. And in a way that is a bit different. We call it send now, pay later. Basically, it's a person based here in the US that do the microloan and extend it to the person abroad. So the risk is very limited because the person basically in the US with their income, their credit score from here, from the US Statement, basically extend the microloans to the person in the receiving country. So that's how we look at microloans, and definitely it's generating revenue opportunity for us.