ForOurLastNames

ForOurLastNames is working to solve U.S. racial inequity in the banking and financial sector.  Specifically, ForOurLastNames is working to resolve the lack of culturally relevant personal finance and investing education that hinders wealth creation for Black and Brown families and MSMEs (collectively users). Along this line, while increasing the credit worthiness of users, ForOurLastNames facilitates their warm connections to banks and financial institutions for products and services that are favorable and equitable (with reduced bias).  Doing this provides banks with a pipeline of qualified applicants for their regulatory credits (community outreach bonus points) to help them maintain compliance with the Community Reinvestment Act (CRA).  CRA is a 1977 critical fair-lending law that drives a range of regulatory scores for banks.  CRA encourages lending to low-and moderate-income Americans by rating banks on how effectively they meet the credit needs of those communities.  When banks fall short of their CRA compliance, federal regulators can curtail their businesses, including preventing them from doing mergers, acquisitions, or opening new branches.  Thus, banks are incentivized to lend to applicants from these communities but struggle to find that are "qualified (not credit averse)."

Compared to whites, minorities are disadvantaged in accessing wealth, with Black/Hispanic women being the most impacted (59% and 48% with no investments respectively).   Only 25% of Black/Hispanic households have asset investments compared to 61% of white households.  Moreover, personal finance and investing education are disjointed and lack culturally relevant content, limiting participation among minorities. Stash, Robinhood, TD Ameritrade, and other public investment education tools are not “minority friendly,” or consider “financial psychology.” None offer family-oriented gamified education that unlocks investing access for users.  Furthermore, post COVID, banks increasingly seek digital media to find qualified applicants to sell their products/services to.  Though BIPOC families face financial barriers due to racial bias in the financial sector, those banks committed to DEI still struggle to connect to qualified minority applicants.  

ForOurLastNames is where edtech, fintech, and mindset meet.  ForOurLastNames is a “minority friendly” gamified SaaS platform powered by AI and VR that teaches personal finance and investment education for the entire family.  ForOurLastNames considers the “financial psychology” of end-users by offering simple, applicable, and culturally relevant content in its e-learning modules that upon completion unlock live investing opportunities for users based on the content they learn.  ForOurLastNames empowers first-generation wealth builders by teaching them how to manage personal finances, decrease the risks of their investments to increase their profits, and build wealth legacy for their families (for their last names).  A B2B2C business model, our B2C products consist of in-app money education content like our “Black Wealth Freedom Workbook” series; our B2B solutions focus on providing lead-generation and warm connections for financial institutions seeking to connect with qualified minority applicants.  ForOurLastNames users overcome funding barriers and exponentially increase access through warm connections facilitated between them and CDFIs, MDIs, DEI financial investors, etc.

Currently in R&D, a demo of the ForOurLastNames user experience can be found in the Build In Tulsa Female Founders Pitch Night contest.  Specifically, our CEO explains the user journey of our customer persona Shaniqua.  ForOurLastNames won first place!  The video can be found on our website https://forourlastnames.io under the heading “Winning Pitch Competition for Black Entrepreneurs” (02:17-03:21).

ForOurLastNames’ target customers are first-generation “active wealth builders,” ages 18-36, have a minimum of a high school diploma earning $20K+ annually who fall in at least 1 of these 3 categories: women, ethnic/racial minorities, and other underrepresented communities.  ForOurLastNames' target customers have made attempts to move toward financial increase through saving, side-hustles, watching YouTube financial videos, etc. demonstrating “active wealth building,” a trait they all possess. They need greater access to culturally relevant and engaging content that fills their critical financial education gaps to resolve their money issues and connect them to much-needed financial services.  ForOurLastNames meets their needs by filling the finance education gaps by teaching them to become educated investors through culturally sensitive content that considers their financial ideology, racial experience, historical trauma, unique social experience and learning styles, etc.

Our executive team is composed of women of color, the largest group disproportionately impacted by the disjointedness in personal finance education and investing.  As the CEO, I’m a  Black woman whose experienced inherent bias and personal money challenges with the potential to be “underbanked” or charged higher interest rates than my White counterparts with the same or similar financial qualifications.  To get out of my financial bondage, I taught myself how to invest in cryptocurrency.  Through this, I paid off $50K in student loans in two years.  Moreover, as a Teach for America alumna who taught Math in inner city public schools, I saw firsthand the disparities in financial education.  This motivated me to start Raise the Bar Investments, a financial education social enterprise guiding individuals/groups to “better money moves” to build their financial wellness and decrease generational wealth gaps.  I developed a personal finance curriculum that I taught and tested on my students in class.  ForOurLastNames is my solution to this problem.

My Co-Founder and Chief Technical Officer, Tiffany Bogert, is a LGBTQ+ Asian American woman whose experienced gender inequity in pay as she’s worked to overcome her own personal financial challenges.  Her personal struggles as a minority woman in the financial marketplace have motivated her to bring her unique technical skills to support solving this problem.  Beyond Tiffany, our Advisors are professional women with years of experience who all have experienced gender inequities in the financial market. 

As part of our R&D, ForOurLastNames has conducted 20+ in-depth user surveys to understand our users at a granular level.  We engage and listen to their ideas and input.  This, in turn, directly informs the development of our solutions.  As we continue R&D, especially as we begin deep beta testing, ForOurLastNames will continue to build and expand on its rich user feedback received.

ForOurLastNames has begun to identify potential users through its active customer base on the direct services side (Raise the Bar Investments).  Through this process, ForOurLastNames has conducted 15 in-depth interviews with potential B2C customers from investment readiness consultations.  Moreover, though difficult to land, ForOurLastNames has conducted 8 in-depth interviews with C-suite executives to understand their needs surrounding financial products and services targeting Black and Brown applicants (B2B).  These in-depth interviews are akin to "micro-feasibility studies."  The feedback we've received has directly informed the development of our features to ensure they translate over as working benefits for our users.  Moreover, this feedback has informed the development of our current and future versions of our mockups and wireframe.  Touching our tech stack, though ForOurLastNames is a "green field," Angular JS seems promising to incorporate in building our clickable prototype, but more research is key for us to make the best, most well-informed decision.  For cost savings and creating maximum value, we're approaching our active tech development (post concept) from an agile development methodology.  For our edtech (personal finance e-course), all of the content is finished (via WordPress) except video production (which is scheduled for July 2023).

ForOurLastNames is currently in R&D with no live platform or users.  However, our distribution strategy (when we go live) targets unique customer segments (e.g., new high school/college graduates, new entrants into the workforce, etc.), users come to us through click-ads, social media influencer recommendations, and public speaking and other financial empowerment events led by Founder/CEO Ray’Chel Wilson.  Additionally, some of our early B2B clients and stakeholders include black-owned banks/credit unions, CDFIs/MDIs, HBCUs, Black churches, incubators/accelerators/ecosystems, and reentry programs for ex-offenders.

As a nontechnical Founder leading ForOurLastNames, I have a learning curve in understanding the full scope of tech, specifically the breadth of options that will give our platform the full functionality it needs.  Even with my CTO and Co-Founder, there is still much to learn in terms of the implementation of our technology.  Moreover, we could use additional legal support, meaningfully measuring user impact, and expanding our client base (especially B2B).

Stash, Robinhood, TD Ameritrade, and other investment education tools in the public domain all have the following in common: none of them are “minority friendly,” consider “financial psychology,” or offer gamified education for the whole family that unlocks investing access for users.  For the Black Business School (Dr. Boyce Watkins), Wealth University (Lynn Richardson), Trapper University (Wall Street Trapper), and all other Black stakeholders offering culturally relevant programming, I find synergy in working alongside them because the “underrepresented market” is too large for any one entity to capture all of it.  Additionally, segments of the underrepresented market will gravitate more towards certain providers than others (ex-offenders with Wall Street Trapper; black male professionals with Dr. Boyce Watkins, etc.).   While Lynn Richardson captures a middle or older-aged demographic, ForOurLastNames will garner more traction with young black professionals and beginner investors.  This could catalyze broader positive impact by expanding our platform from just America to users in other countries.  This can change the market, making it look different, by shrinking the wealth and gender gap for minorities and women.

For the next year, 2024, we expect the ForOurLastNames app to be fully operable with capabilities and subscription tiers.  Here, we will begin steady market penetration to capture 115,260 Black and Brown users and 1,000 B2B clients and partners by the end of year with $5.6M revenue.  For the next five years, 2028, we expect to expand the features of the ForOurLastNames app to offer peer-to-peer learning through virtual reality technology and expand our user audience through further outreach to include other underrepresented groups affected by gender or racial wealth gaps.  By the end of the year 2028, we expect that ForOurLastNames will build a valuation of at minimum $1B to become acquired or IPO.

With ForOurLastNames currently being in R&D, we have loosely measured our progress by achieving funding and development milestones.  For instance, through our data and statistical research along with direct client interviews (potential users for the ForOurLastNames platform), we have heard and seen demand for our platform.  As ForOurLastNames has continued to win pitch competitions and be featured in the media, we hear and receive feedback from the public requesting it, proving demand.  This often results in a growing waitlist for the ForOurLastNames app.  Moreover, receiving non-dilutive investments have further confirmed demand and interest.  Furthermore, as we get deeper into our tech, we learn more that informs our processes and planning.  All of these things collectively are indicators we have used to measure ForOurLastNames' growth and progress.

In reviewing the UN Sustainable Development Goals, we find synergy between our work and these: 

(1) No Poverty; 

(2) Quality Education; 

(3) Gender Equality; 

(4) Reduced Inequalities; 

(5) Peace, Justice, and Strong Institutions; and 

(6) Partnerships for the Goals.  

Upon being selected for the Financial Inclusion Challenge, ForOurLastNames welcomes the input and guidance of MIT Solve in helping us develop a more sophisticated way to measure our progress and impact.

Simply put, wisdom (the ability to use knowledge to get results) is the key to transformation (change).  

ForOurLastNames sees a direct link between BIPOC families and MSMEs having initial or increased access to quality, culturally relevant personal finance and investor education and increased credit scores.  

Increased Access to Financial Education = Increased Number of 700+ Credit Scores

ForOurLastNames sees a direct link between BIPOC families and MSMEs having initial or increased access to quality, culturally relevant personal finance and investor education and increased home ownership application approvals. 

Increased Access to Financial Education = Increased Number of Approvals of Home Loan Applications

ForOurLastNames sees a direct link between BIPOC families and MSMEs having initial or increased access to quality, culturally relevant personal finance and investor education and increased acquisition and use of investment tools. 

Increased Access to Financial Education = Increased Number of Acquiring & Usage of Investment Tools

Upon being selected for the Financial Inclusion Challenge, ForOurLastNames welcomes the input and guidance of MIT Solve in helping us develop a more sophisticated way to further build upon and express our theory of change or logical framework.

The ForOurLastNames app (and future web app) is powered by AI and VR.  Through machine learning, ForOurLastNames integrates gamification and curated content into its e-learning modules to unlock live investments.  Touching our tech stack, ForOurLastNames is a "green field." Angular JS seems promising to incorporate in our current efforts to build our clickable prototype, but more research is key for us to make the best, most well-informed decision.  For cost savings and creating maximum value, we're approaching our active tech development (post concept) from an agile development methodology.  For our edtech (personal finance e-course), all of the content is finished (via WordPress) except video production (which is scheduled for July 2023).

There is great synergy between the diversity, equity, and inclusion goals ForOurLastNames holds and those of MIT.  Like MIT, ForOurLastNames values differences and leverages our staff, community, and partners to promote open partnership, innovation, and participation for all.  Moreover, like MIT  ForOurLastNames designs and implements its standard operating procedures (SOPs) to provide all people a genuine opportunity to thrive and grab a "seat at the table."  Furthermore, like MIT ForOurLastNames is committed to creating an inclusive environment in which everyone feels valued and respected.  In demonstrating these ideals, the ForOurLastNames executive team is composed of women of color, the largest group disproportionately impacted by the disjointedness in personal finance education and investing.  Along this line, the key Advisors for ForOurLastNames are high-achieving women trailblazing in white-male dominated industries.  Along this line, the ForOurLastNames Co-Founder and Chief Technical Officer, Tiffany Bogert, identifies as LGBTQ+.  Adding to, ForOurLastNames works with contractors, often BIPOC MSMes, who reflect the clients ForOurLastNames serves and share our mission in working to close the wealth gap.

The ForOurLastNames business model is B2B2C.

B2C: Here, our users are Black and Brown families and MSMEs who are first-generation wealth builders who either have no investments or are beginner investors.  ForOurLastNames provides "minority-friendly" financial literacy and investment education that considers the financial psychology of our users.  Some examples of user content include our "Black Wealth Freedom Series" workbook et al.  We provide this content through our app and in the future web platform (upon expansion of our Learning Management System or LMS).  Our users both want and need the content we provide because they're looking for it (this type of financial education), it's easy for them to understand, it speaks to their life experience (teaching them "right where they are"), and it's culturally sensitive (taking into consideration their racial and social struggles and historical trauma). 

B2B: Here, our users are banks and financial institutions with a commitment to DEI or those simply looking to maintain compliance with the lending requirements of the Community Reinvestment Act. ForOurLastNames provides warm introductions (matches) between our B2B and B2C users in a fair and equitable manner reducing bias.  Our B2B users are actively seeking highly qualified (not credit averse) applicants for their financial products and services.  The B2C users in the ForOurLastNames app are "leveled up" in their credit worthiness through the instruction and games it contains.  Thus, our B2C users become ideal candidates for our B2B users.  These matches are all facilitated within our app and in the future web platform (upon expansion of our Learning Management System or LMS).  Our B2B users want and need these warm matches to increase their sales and maintain regulatory compliance with the federal government.

The ForOurLastNames business model is B2B2C.

B2C: Using a freemium model, ForOurLastNames permits all users to access level 1 e-learning and investing (personal finance education) pro bono.  However, ForOurLastNames will generate revenue through paid subscription tiers offering premium features, including levels 2-4 e-learning and investing, mindset push notifications, community hosting, virtual reality/geo mapping features, custodial accounts for children, and other add-ons/integrations.  Additional revenue will be generated through other digital/non-digital product and service sales.

B2B: Financial institutions and stakeholders will pay ForOurLastNames fees for lead generation (to our users) and paid ads.

Currently in R&D, ForOurLastNames has not generated any revenue.  Thus, ForOurLastNames is developed and supported by our parent company Raise the Bar Investments, LLC (RTB).  As a bootstrapping social startup, RTB has experienced 300% growth since inception, being featured in NASDAQ, Co by U.S. Chamber of Commerce, and U.S. Black Chambers.  It generates revenue for its financial books and direct services and uses and applies that revenue towards ForOurLastNames' development cost.  Additionally, as an ed/fintech startup under RTB's umbrella, ForOurLastNames has raised $40K in non-dilutive funding through various grants and pitch competitions through Build In Tulsa, Sky's The Limit, and the Greenwood Women's Business Center.