TrustConnect Platform

Elifinty is looking to solve the lack of adequate financial aftercare for vulnerable populations, especially when it comes to debt. The problem is persistent and affects billions of people globally, with women, ethnic minorities, people of color, and low-income populations being particularly vulnerable.

One of the biggest challenges faced by individuals who are unable to pay their debts is the apathy of the financial system. Individuals are left at the mercy of hostile debt collectors and with a damaged credit score that can exclude them from the financial system for years.

The scale of the problem is staggering, with more than 100 million people in the UK and USA alone requiring advice or support for their debt problems as they are unable to keep up with payments. In addition, household debt is increasing globally, with the US alone seeing household debt reach $16.5 trillion in 2022. The growing need for financial aftercare and support has also led to a 200% yearly growth rate in the number of people seeking debt advice, and this trend is likely to continue due to ongoing global economic challenges. However, the financial system, creditors and support organizations are not prepared to meet the demands for support and need a solution like Elifinty to do the heavy-lifting with the use of the latest technology and customer-centric approach. 

Elifinty connects creditors (such as banks, lenders, energy companies), debt advisors, and households to dramatically speed up the rates and recovery of problem debt. 

Existing debt management solutions are antiquated, built in the 1990s, and lack a focus on consumer well-being/building financial well-being. Moreover, they are unprepared to deal with the ever-increasing debt crisis that will be affecting millions of households globally over the next 24 months. 

The current debt recovery process is slow, fragmented, driven by inefficiencies and paper trails. Executing a successful debt recovery plan for struggling households can take up to 2 years to implement. Elifinty changes this dramatically.

We have co-built a debt management solution with a leading UK debt advice agency, Rooted Finance. We are confident that our solution surpasses any other tool on the marketplace both in terms of product features and ease of use. We use AI driven algorithms, open banking, and our proprietary solutions engine to speed up the time it takes to implement debt recovery plans from 2 years, to as little as two weeks. In doing so, households, debt advisors, and lenders all benefit dramatically across the board. 

 Our solutions provide the following benefits:

- 70% increase in household well-being during the debt recovery process (as compared to traditional methods)

- 40% increase in debt advisor capacity, allowing them to provide care to significantly more households than with traditional methods.

- 40% increase in recovery of problem debt by banks and creditors than with traditional methods - dramatically increasing the financial well-being of banks which are facing rising defaulting rates. 

Our mission, ultimately, is to create a world free from problem debt - and we are passionate about bringing this vision to life. 

Video: Elifinty - Future plans - YouTube

Elifinty's primary target audience is adults aged 18 and above who are either already grappling with debt payments or are at the brink of facing such issues. Research shows that certain demographic groups, such as Black and Hispanic individuals, those with low to moderate income, young adults, women, high school graduates or individuals with some college education, single individuals with children, are more likely to face significant debt-related problems.

Unfortunately, these groups are often underserved in terms of access to credit facilities, and even when they do get access, it is at higher rates than those available to the general population. Additionally, if they default on their loans or miss payments, the financial system tends to punish them by further limiting their access to credit for extended periods.

The proposed solution aims to address this situation by helping individuals avoid falling into debt-related problems. If they do experience financial challenges, the solution will ensure that they receive timely support to navigate the situation and achieve the best possible resolution. By doing so, it will prevent future financial exclusion and break the cycle of multi-generational financial struggles that many families face.

Our team is uniquely positioned to design and deliver a solution that addresses the financial needs of underserved and excluded populations. We are a diverse team with lived experience of financial difficulties, including homelessness and bankruptcy, which gives us firsthand knowledge of the challenges faced by the communities we aim to serve. In addition, we have worked closely with one of the top specialist debt advice agencies in London to co-develop our platform and have observed the advice process and spoken with people in need to ensure we approach their problems in the most effective and empathetic way possible.

We are committed to understanding the needs of the communities we serve and engage directly with them as we develop our solution. This includes working in local communities with food banks, community leaders, and charities to provide support and gather feedback. Additionally, we have a lived experience panel that helps guide the development of our solution to ensure it is not only effective in the short term, but also helps individuals develop long-term financial resilience.

Our team also brings high-level banking experience from across the globe, which allows us to understand the system from the inside out and identify opportunities to make it more accessible and equitable. However, we are not content to work solely within the existing system and are committed to developing a solution that starts from the bottom up and truly serves the needs of those who have been excluded from traditional financial services.

One unique aspect of our approach is our partnership with Impact on Urban Health, part of Guy’s and St. Thomas’ foundation and NHS Trust, a local charity that considers financial wellbeing within the broader context of holistic health. By taking this approach, we can develop a solution that not only addresses immediate financial needs, but also considers the broader factors that contribute to financial exclusion.

Finally, we have designed our solution to be both digital and physical to ensure accessibility for all members of the target population. Our digital platform addresses many accessibility concerns, including language barriers and limited internet access, and we are continuously working on incorporating additional accommodations based on feedback from the communities we serve. We also provide in-person support through our relationships with local community organizations, which allows us to reach a wider range of individuals and ensure that our solution is truly inclusive.

Overall, our team's diverse background, commitment to community engagement and feedback, high-level banking experience, and holistic approach to wellbeing make us the right people to design and deliver a solution that truly addresses the needs of underserved and excluded populations.

Approximately 28,000 

Elifinty is committed to providing a solution to the worldwide problem of financial exclusion, and we are determined to have a global impact. We are actively seeking to expand into new global markets, with our sights set on the US as our next target. To achieve this goal, we recognize the need for strategic guidance and mentoring from global experts, as well as valuable connections with like-minded professionals who share our mission.

In addition to seeking media exposure and networking opportunities, we believe that partnering with organizations such as Solve could help us overcome various barriers we may face. For instance, financial barriers can be addressed by building stronger relationships with potential clients and partners such as creditors, debt advisors, and credit counselors in new markets. We also understand that technical barriers may arise as Open Banking in the UK is not a global standard, so we will need to adapt our technical proposition to the specific market we want to enter.

Cultural barriers can be overcome by leveraging our diverse team, which includes members from the USA, UK, India, Poland, Switzerland, and Honduras. However, we recognize the importance of firsthand experience and knowledge from different markets – which is something we can get from Solve’s diverse team. Finally, while there is a global fit for our solution, each market has its specific nuances that we need to understand to tailor our offering effectively.

In summary, we believe that collaborating with organizations such as Solve can help us address various challenges that we may encounter as we expand globally. By leveraging our strengths and partnering with like-minded professionals, we can achieve our vision of providing accessible financial solutions to those suffering from financial exclusion, no matter where they are in the world.

Existing debt management solutions are antiquated, built in the 1990s, and lack a focus on consumer well-being/building financial well-being. Moreover, they are unprepared to deal with the ever-increasing debt crisis that will be affecting millions of households globally over the next 24 months. 

We are confident that our solution surpasses any other tool on the marketplace both in terms of product features and ease of use. We use AI driven algorithms, open banking, and our proprietary solutions engine to speed up the time it takes to implement debt recovery plans from 2 years, to as little as two weeks. In doing so, households, debt advisors, and lenders all benefit dramatically across the board. 

In addition, our solution will impact the several industries including the debt collection and debt settlement industry who currently charge high-fees for debt recovery and are not incentivized to care about the long-term financial wellbeing of customers. As more people use our solution, less people will end up in the hands of debt collectors and debt settlement agencies.

Next year:

Improved access to affordable credit: by improving the outcomes from their debt problems, individuals can have increased access to affordable credit. 

Improved financial education: by receiving debt support and financial education from Elifinty and its partners, individuals can be better prepared to take informed and educated financial decisions. 

Innovation for the non-profit sector: by offering affordable technology and solutions to non-profit debt advisors and credit counselors, Elifinty can bring the much needed innovation to these overseen institutions. 

Next 5 years: 

Addressing systemic inequalities: by working together with all institutions that make part of the financial ecosystem that vulnerable people have to work with. Including creditors, debt advisors, credit counselors and service providers such as utilities, rent and hospitals. 

To measure progress towards the impact goals listed, Elifinty uses a combination of quantitative and qualitative metrics. 

Improved access to affordable credit:

• Reduction in the number of payday loans or other high-interest loans taken out by individuals who have received support from Elifinty.

Improved financial education:

• Number of individuals who have participated in financial education workshops or coaching sessions offered by Elifinty or its partners.
• Pre- and post-assessments of financial literacy and confidence levels among individuals who have received support from Elifinty.

Innovation for the non-profit sector:

• Number of non-profit debt advisors and credit counselors who have adopted Elifinty's affordable technology and solutions.
• Cost savings achieved by non-profits through the use of Elifinty's technology and solutions.
• Qualitative feedback from non-profit organizations on the impact of Elifinty's technology and solutions on their operations and ability to serve clients.

Addressing systemic inequalities:

• Number of institutions within the financial ecosystem that Elifinty has partnered with to address systemic inequalities.
• Qualitative feedback from stakeholders on the impact of Elifinty's initiatives to address systemic inequalities.

As non-profit support organizations get access to better technology that better connects them with customers and creditors, they will be able to help more people in a better way. 

Elifinty will eliminate the inefficient friction between communications among debt advisors, credit counselors, creditors and consumers. Therefore, providing a better customer journey for all and better outcomes. 

We use AI driven algorithms, open banking, and our proprietary solutions engine to speed up the time it takes to implement debt recovery plans from 2 years, to as little as two weeks. 

We have a global and diverse team from different career paths, cultures, gender, ages and ethnic backgrounds. Our global team works from UK, USA, Poland, Switzerland, India, Honduras, Austria and Canada. We value diversity and different opinions as well as a respectful environment. 

Elifinty has a B2BC business model. It uses key business partners such creditors and credit counseling/debt advising agencies to reach the end consumer. Given the financial challenges that consumers face, Elifinty will always be free for consumers. Elifinty will make a profit from helping creditors and credit counseling/debt advising agencies support customers in financial difficulties.

For creditors, Elifinty helps reduce losses on difficult or defaulting customers and improves the life-long value of customers. For credit counselors/debt advisors, Elifinty provides the technology required to meet the increasingly growing demand for their services with an improved customer and counselor journey.

Elifinty has raised seed capital through accelerators, angel investment and crowdfunding and is soon looking to go into a series A round. In addition, Elifinty has already closed deals with three institutions who are already providing revenue. 

Elifinty will charge a licensing fee to creditors and credit counselors, as well as a fee per consumer and a fee for each additional user needed to use the license. Given that pricing will exceed $50,000 per year per customer, we expect the sales cycle to last from 1-3 months. For closing sales, Elifinty’s sales team will actively and mainly engage in industry events, as well as make use of network connections.  Elifinty will have a presence on social media and engage in marketing initiatives, however it will be considered complementary and not a main driver for leads. 

Funding: aprox. $1,700,000

Revenue: aprox. $1,000,000