DC FinTech Roundup: PYT Funds

Student loan debt is rapidly on the rise. The average college student of the Class of 2016 owed $37,172 upon graduation. Today, over 44 million American borrowers owe $1.3 trillion in student loan debt.

To combat the student loan crisis one dollar at a time, Stacie Whisonant founded Pay Your Tuition (PYT) Funds in 2013. By bringing together banks, the community, and families, PYT is able to change the way students finance their future. PYT is like Kickstarter for student loans. Borrowers apply for PYT Funding, create a fundraising campaign, and secure a PYT loan to split the difference. Check out PYT Funds to discover how they are embracing FinTech find a smarter to pay for college tuition.

And want to learn about other startups disrupting the financial services industry in our nation’s capital? Discover more @ DC FinTech.

DC FinTech Roundup: MPOWER Financing

Over 3 million students on US college campuses struggle financially to get into or through college. Up to 15% of students drop out because of financials, while others downgrade their education to find a more affordable option.

MPOWER Financing is committed to removing financial barriers to higher education in the US by enabling high-promise global citizens to further their academic and financial aspirations. Founded by Manu Smadja  and Mike Davis in 2014, MPOWER Financing partners with universities and investors to provide loans to high-potential students that currently are unable to access affordable financing at traditional banks. In addition to providing students with access to the financial resources necessary to attend and complete college, MPOWER builds students’ credit histories, provides them with personal finance education, and offers essential financial products to prepare them for life after college. Check out MPOWER Financing to discover how they are embracing FinTech to provide financing to students from all around the globe.

And want to learn about other startups disrupting the financial services industry in our nation’s capital? Discover more @ DC FinTech.

DC FinTech Roundup: FS Card Inc

The average payday loan user made less than $25,000 last year, but spent over $500 in fees in that same timespan. With APR rates exceeding 40%, payday loans have been know to cripple families in under-resourced communities. For individuals in desperate need of a short term cash advance, there are few options in today’s marketplace.

FS Card Inc is on a mission to deliver honest mainstream financial products to underserved consumers. FS Card Inc enables these consumers to meet their everyday liquidity needs in a flexible, safe, and convenient way. Founded in 2014 by Marla Blow, FS Card Inc leverages advanced analytical techniques, sustainable product design, and behavioral incentives to offer a scalable unsecured credit product in a market where reasonably priced credit options are scarce. With upfront pricing, no hidden fees, and credit-building tools, FS Card Inc is able to help underserved consumers manage short-term cash flow needs. Reimagine the small dollar lending landscape with FS Card Inc’s Build Card. Check out FS Card Inc to discover how they are embracing FinTech to improve the way under-resourced borrowers access affordable credit.

And want to learn about other startups disrupting the financial services industry in our nation’s capital? Discover more @ DC FinTech.