“student Loans And Entrepreneurship: Startups And Loan Repayment” – In 2015, during his third year at Georgetown Law, he and classmate Jimmy McNamara founded ReferU, which added a personal dimension to providing new tenants for apartment buildings. . The partners went to a conference for the house management company, remembering the names and faces of the big players they wanted to approach. There, they got meetings that produced promises from three financial institutions.
Needing a mentor, they reached the famous VC Chris Sacca by trying many permutations of his Gmail email, and landed on a Skype meeting. The students came on board. The angels began to circle.
“student Loans And Entrepreneurship: Startups And Loan Repayment”
In February 2016, Kullberg reviewed his position, weighing ReferU’s potential against a lucrative offer from law firm Morrison & Foerster. The deciding factor for wanting to work in law: his $200,000 in student loans. In April, one month shy of graduation, he and his co-founder both closed their business.
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“This world revolves around money,” said Silva, 18, a first-year student at Northeastern University in Boston and the first in his family to attend college in the United States. “I want to make sure I have all the basics.”
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It’s a useful startup that Mos hopes to fill when it launches a banking program for students on Sept. help Now, the company hopes students using its financial aid services will connect with the app to manage their savings and investments, take out home mortgages, compare options on cars and other loans, and find jobs.
“Becoming a student bank is not the only goal. The goal is like a financial request, “said Amira Yahyaoui, the founder and CEO of Mos. Yahyaoui, 37, saw the idea of a young man struggling to secure the personal financial crisis. The Tunisian human rights activist left his country at a young age and lived in exile in France for years without a bank account or a stable job. (The name is “ Mos” from the Star Wars town of Mos Espa, which is based on the Tunisian village where Yahyaoui is from.) , whose goal is to help prevent students like Silva from being pulled over. into the $1.7 trillion student loan problem in the United States. “We’re working and we want and we’re interested in fixing the early years of adulthood,” he said.
In the face of rising college costs, rising consumer debt and less trust in banks since the 2008 financial crisis, Mos is one of the fintech startups that recognizes the need to rethink budgeting for a younger generation.
Most of Generation Z, born from 1997 to 2012, have endured the financial problems of cancer when trying to enter university or the workforce and are facing an increase in education, housing and health care costs. However, 21 states require high school students to take a course in personal finance before they graduate, according to a 2020 survey by the Council for Economic Education. That created an opening for entrepreneurs to focus on the needs of people like Silva.
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The market for digital-only banks or “hard competitors” – new companies trying to compete with more traditional banks – is expected to grow to $471 billion by 2027, from $ 20 billion in 2019, according to a 2020 report by Allied Market Research, with the rise of digital banking and the closing of brick-and-mortar bank branches.
“Every financial product and every type of financial institution will be rethought for Gen Z,” said Anish Acharya, senior partner at Andreessen Horowitz who previously worked at Credit Karma, because “it’s just facing they have bleaker ideas” than older generations. “Yes, banks offer student loans, but where are the products to help Gen Z save and invest, and actually, you know, make an informed decision about which loans to take out?” said Acharya, who is not an investor in Mos, but who advised Yahyaoui.
Mos is one of several startups aiming to tap into Gen Z’s collective need for banking services and financial guidance. In May 2020, it raised $13 million in Series A funding, backed by venture capital firm Sequoia Capital, with other investors including NBA player Stephen Curry and Zoom founder Eric Yuan. .
Greenlight, a children’s credit card that serves 3 million adults and children, reached a $2.3 billion mark in April with its latest fundraising. The company promises to help parents “raise money savvy kids” and has an educational program where kids learn about spending and investing. Now, offering a junior credit card and checking accounts with no overdraft fees up to $100, it has more than 2 million users and a $2.2 billion valuation. .
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Akhil Reddy is raising seed money for Bloom, a digital, fee-free bank aimed at Gen Z users, aiming to launch in 2022. The 25-year-old founded Bloom with his roommate primary school in April, seeing a market. to young people affected by overdraft fees and in the process of trying to build credit.
“There are only important things in someone’s life that they look to change the accounts. And I think the university is a very good opportunity,” said Reddy, who received his account for the first time in his life. starting college. “I think Gen Z is starting to realize that if they want to be financially successful, they need to get on top of their money and learn how to save, invest and spend.”
A sign calling for President Joe Biden to cancel student loan debt hangs outside the White House on June 15, 2021.
Yahyaoui believes that Mos will grow as its Gen Z users grow and turn to it for help with money for college, landing their first jobs and buying their homes. first.
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Banks will spend an estimated $31 billion on overdraft fees in 2020. Moss—which offers banking services through a partner bank, Virginia-based Blue Ridge Bank—is promising not to pay a fee, even after the students graduate. Instead, he plans to make money by appealing to lenders to advertise loans on the app, companies to post jobs or internships and colleges to recruit students.
“Tomorrow, they will have their first job through Mos, the first job through Mos,” Yahyaoui said of his clients. “They’ll understand how to save, thanks to Mos. They’ll build credit.”
Silva found Mos when he was starting the college application process in 2020 and his TikTok feed was filled with school attendance videos.
Although he is an American citizen who attended high school in Brownsville, Texas, his parents live and work across the border in Mexico, and that
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