I am president of Ventureneer, which specializes in defining and eliminating problems that hold underrepresented entrepreneurs back, especially minorities and women. Our work provides clients with branded research, training and content opportunities that generate thought-leadership, visibility, sales, and brand loyalty. I am a WE NYC and digitalundivided mentor as well as an advisory board member of Million Dollar Women, Women Startup Lab, and Aleri Research..
When I interviewed Jeannie Ringo, founder and CEO at Funding U, I remember what Larry Keeley, president and co-founder at Dublin Group, and managing director at Deloitte Consulting told me — men and women innovate differently. I interviewed him several years ago when he published, he commented. They are not looking for a simple answer and, as a result, create comprehensive solutions. , according to a LendEDU survey.
Enter fintech, which employs artificial intelligence and big data to make lending less discriminatory. Algorithmic lending is transforming everything, from personal loans to small-business borrowing.
In 2016, Funding U opened its doors to student borrowers. With no advertising, within 20 days, the company received 2,000 applications from 45 states. Ringo realized the need was much more significant than she'd realized. Many applicants were students attending public schools. The problem existed for all students who. In fact,"the problem is not just an issue for college loans. There is an opportunity for a company whose core competency is based on education lending," said Ringo.
Without increasing marketing spend, between 2018 and 2019, applications have increased two times and conversion rates fourfold. Yet, some are still uncomfortable with the 11% interest rate Funding U charges. The interest rate takes into consideration the higher risk it takes with its lending model.
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