By Jeremie Kathalay
Posted on August 6, 2021
Financial technology (Fintech) refers to new technology that aims to upgrade and automate financial services. Fintech has become a major player in the business and tech world. People like Tefari Bailey are taking the opportunity to score points on the board before it becomes too difficult to set foot into the industry.
Tefari Bailey is a recent Brock University graduate who completed a dual major in economics and computer science. Though those were his focus in university, Bailey explained that being an entrepreneur had always been a dream and passion of his. While studying, Bailey and a couple of his roommates decided to pursue their passion that they hoped would work out in the future. They were successful with the company they started while remaining full time students as well. Success seemed to be something that Tefari Bailey was born for, no matter the odds.
As the company continued to see its fair share of success within the fifth year, Tefari and his roommates sold the company. It had achieved what they had hoped for, while they achieved their degrees in their respective fields. Tefari and the rest of his business partners went their separate ways shortly after, all pursuing various entrepreneurship goals and building companies of their own. This led to Tefari Bailey creating a company called Hutsy Financial.
Hutsy Financial is an online digital banking system that provides online banking solutions for millennials. It is a start-up business that hopes to achieve great things in years to come. Tefari and his team hope to launch Hutsy Financial in December of 2021.
When asked how the idea for Hutsy came to be, Tefari explained the vision that came before everything was put into motion. He had worked for TD Canada Trust in a low-income area. As he successfully climbed up from the entry level position to become an investments advisor and loans officer, he saw many customers come in for loans from the bank only to get rejected due to their financial situations. Interest rates that accompany certain loans create financial obstacles when dealing with repayment, depending on the institution you are getting the loan from. This inspired Tefari to think of ways to bridge the gap between aspiring entrepreneurs and financial resource management to make the dream a reality.
When looking at the mission statement of Hutsy, its aim is to help Canadians develop financial wellness and a better understanding of the financial world. This is because Hutsy has hopes of improving the financial future and potential business clienteles. When asked about this vision, Bailey explained it in more detail. “We want to empower the individual because at the end of the day, that isn’t what Canadian banks are doing. Five banks control 95 per cent of assets here in Canada. Canadian banks are one of the most profitable banks here in the world, though for us Canadians, we have nothing to show for it, especially the 45 per cent that are living paycheck to paycheck.” Tefari also explains that at Hutsy, individuals with bad credit will not be at a disadvantage due to their previous financial struggle. Hutsy has a program to help those who have bad credit revive their credit score and bring it back up to normal, so they can continue to grow financially.
Bailey made it clear that Hutsy Financial is not looking to only make profit. Instead the organization is aiming to help every individual as well. To learn and adapt to the financial system in which we operate, becoming familiar with finances is important. Bailey is on a mission to help millennials and those looking to grow financially, as he understands the importance of financial health.