The idea of running a business is exciting, but there is no denying that being a startup founder can be an overwhelming experience.
From managing finances to staying on top of social media trends, many business owners wear multiple hats to keep their business functioning.
According to The Plug’s analysis of Census Bureau data, approximately 10% of businesses that employed less than 20 people were forced to close in 2020.
Likewise, statistics have shown that 45% of entrepreneurs have reported feeling stressed, which has led to mental health issues such as anxiety or depression.
Fintech founders are stepping in to save the day by creating new tools to reduce founders’ pain points and make the experience of running a business a seamless experience.
Novae
Novae CEO Reco M. McCambry
Starting a company is one thing, but not having enough funds or access to capital can make growing the business unattainable. Novae, a financial consulting and training company – founded by Reco McCambry – is working to change that.
The company’s mission is to help small business owners improve their credit scores so they can have access to more cash. The platform has already gained notoriety for being the first Black-owned fintech company to offer a ‘Buy Now Pay Later’ service for business owners nationwide.
Additionally, Novae offers startup founders access to educational courses and key information to help them scale and grow their business the right way.
Finpro
Finpro, founded by Serge Amouzou, is another fintech working to eliminate the everyday issues small business owners experience.
The platform uses AI and machine learning to automate the financial planning process, so founders don’t have to. From teaching them how to use spreadsheets to making forecasting financials a lot easier for them, Finpro is slowly eradicating the difficulties many small business owners face.
“Marketing teams can log into our software and get recommendations for next steps, such as ‘Spend $50,000 on Facebook ads to increase sales 20 percent this week,” Amouzou, founder of Finpro, said.
“They can go ahead and forecast their budgets. Sales teams can do the same thing, product teams can do the same thing. And all this data can inflow to the finance team that can approve or give feedback on those budgets.”
Finpro is currently raising a $2 million seed round that it hopes to close in Q1 2023.
EnrichHer
EnrichHer, founded by Dr. Roshawnna Novellus, is the only Black woman-owned fintech lender serving business owned by women and people of color. The lending platform is working to eradicate the financial making capital a lot more accessible to women and minority founders.
The platform ethos is that for society to change, access to funding must also change. EnrichHer believes that putting capital in the hands of diverse founders will further strengthen the economy and close wealth gaps. Additionally, the platform also offers founders business coaching and a sense of community.
