traditional banks are expensive, inefficient, and fraught with bias—they’re not only wrong, they’re also out of touch with what small business owners today want and need.
bias in banking is costing small business owners their livelihood and costing our economy its ability to return to thriving.
that building a more equitable bank system begins with better technology.
in a different way of banking, one built on success, not failure. When small businesses succeed, everyone succeeds.
the old way isn’t good enough anymore.
Our founder first witnessed the struggles small business owners face with banks at a very young age. His father was a successful small business owner in North Carolina. He had a vision for expansion, a track record of reliability, and a plan to expand his pulpwood logging business to nearby states.
He applied for 13 small business loans.
He was rejected for every one.
In 2021, the U.S. Federal Reserve’s Small Business Credit Survey reported that a significantly higher percentage of non-white business owners were denied loans in comparison to white business owners.1
Prior 12 Months (% of employer firm loan, line of credit, and cash advance applicants)
In a study conducted by the NCRC during the pandemic, 16 out of 30 female business owners encountered more unfair treatment when applying for PPP loans, such as withholding helpful information and discouragement; as opposed to 5 out of 30 of the male counterparts.1
In 2015, we created technology that measures creditworthiness without subjective human bias—the BetaScore. We sought out to form a financial institution built around our core belief:
Fair access to capital is fundamental to economic empowerment.