FRISCO, Texas–A fintech that helps make it easier to deal with the myriad number of legal, financial and just everyday life issues that follow someone’s death has won the top prize following pitch presentations to the VentureTech conference here.
That event brings together credit unions and fintechs. During the pitch event, 10 companies were each given seven minutes, followed by some Q&A, to describe their solution and the problem it solves or the benefit it provides.
“Our vision is to take care of the loose ends of life so that surviving loved ones can focus on what matters,” said Jennifer Good of Los Angeles-based Peacefully during her pitch.
Good related how overwhelmed her own family had been following the death of a grandparent as they attempted to sort through a tangle of big and small issues, and she said grieving families typically spend 500-plus hours over six-plus months and spend an average of $17,000 settlng an estate.
According to Good, Peacefully involves a one-hour process for planners and executors and comes with human support.
“The value proposition for us is differentiation and member engagement, beneficiary engagement, and it saves time,” Good said.
Peacefully won $2,500 after being voted by audience attendees as the favorite pitch.
Other fintechs that pitched their solutions included:
spenddebt
spenddebt says it’s mission is to help consumers pay off one small debt at a time using micropayments. Each time the member swipes a card they are given the opportunity to put a small amount toward a debt they have. For the credit union, the offering helps it address charged-off accounts before they ever reach that state, the company said.
Using the solution, the member creates a profile, links a credit union account, links the debit account they want to pay off, defines the micropayments, and pays off the debt.
Starlight
Starlight said it is about “helping credit unions show up for members when it matters most.”
In this case, what matters most is the financial stress of living paycheck to paycheck. The solution allows members to tap extra funds by identifying if they are owed any of the $140 billion in government benefits that go unclaimed annually, with some 50-million households affected.
Penny Finance
Noting that women work just as hard as men yet retire with one-third the wealth of men, Penny Finance says, “We are not cool with that.” The company said women are behind due to having more student debt and beginning to invest later in life, and as a result it has introduced what it said is an unbiased, women-first financial planning app. The company added that research showed that 71% of women say want to take action on investing within the next six months.
Privacy Lock
Privacy Lock describes itself as a virtual privacy compliance office. It helps CUs comply with not just numerous federal rules, but also the web of state privacy laws, with at least five states enacting new laws recently. There is also new CFFPB rulemaking around privacy, including no exemption for any credit union of any size. The company also noted it also never collects member data, and it “costs a lot less than a lawyer.”
Reset
Noting it’s “expensive to be poor in America,” the company said lower-income individuals pay 5.5x more in fees than wealthier Americans. Reset is based on a key finding in research, which is that increased pay frequency is most important in financial transactions. The app helps to address cash flow timing.
Frich
Frich, which stands for “F’in rich,” said it is an all-in-one toolkit to acquire and engage Gen Z. The company said credit unions need to prioritize this younger market in order to survive. As of now, Gen Z makes up only about 5% of credit union membership, yet they represent $360 billion buying power. In addition, many members of Gen Z are not aware of the benefits and services of credit unions, even though Gen Z’ers have preferences for local organizations and a distrust of big banks.
Casap
Billing itself as the CRM for “magical member experiences,” Casap said it is in the business of building delight between a credit union and its members, “especially when they need it the most.” Casap says it turns negative experiences into opportunities for building loyalty while reducing fraud loss. The company says it enables a CU to scale its back office operations to deal with exceptional, compliant, and automated workflows. “It is the Advil for your members’ pain.”
Manifest
Manifest is about “seamless retirement transfers” and consolidating retirement accounts. The company said that makes for better investment management and to maximize retirement income. The program is distributed via employers and the company says it has helped consolidate more than $500 million to date. The company said it also helps increase balances and returns. Manifest searches by employer name to help make identifying funds easier. There is no cost to participants or employers and it requires no integrations.
Revival Homes
Revival Homes is an accessory dwelling units (ADU) lending platform and construction marketplace for California homeowners. An ADU is a small, independent home on the same lot as an existing home, and the Golden State has embraced the concept to address the housing crisis. Revival Homes said its goal is to help finance thousands of ADUs every year, as California has made numerous legal changes to make it easier to build ADUs, with some 24,000 having been permitted in California in 2022. By 2030, it is estimated more than 1.6 million ADUs will be built.
The company said its solution is designed to help pay for the ADU and identify a builder. It noted conventional home loans don’t work well for ADUs, and it now has a network of credit unions that offer financing. Revenue for the company is generated through contractor partners from which it collects a referral fee. It is free to credit unions.