Smart Purse wants to build the world’s most sought after financial tool kit for women. They want to give women the confidence to talk, understand and feel good about money, in turn providing them with financial freedom and protection. Smart Purse is looking for introductions to investors and corporate partners.
Our interview with Olga, Co-founder of Smart Purse
Describe your mission in a sentence or two
Our mission is to help women have the confidence to talk, understand and feel good about money.
Who are your clients?
Women of all backgrounds, ages and professions with an active lifestyle who want independence, protection, access to new opportunities and to use their money in ways that makes a difference in the world.
What stage are you at in your business?
We are completing our Minimum Viable Product stage and ready to develop and scale.
What is your business model? (in particular talking about how you marry profit and purpose)
We are tech and touch platform with a freemium business model.
We are impact driven from the core providing independent financial education to women on the essentials about money and how to use it as a tool to make a difference. We do this fully independently with no strings attached - no product placement, no advertising, no affiliation schemes.
How much funding have you raised to date?
We have raised the funding for our MVP stage and are getting ready to raise capital to develop the full solution and to scale.
What does "Impact" mean to you as a profit-driven company?
Impact means to us that we combine purpose and profit in a meaningful way. The core and nature of our business is driven by the desire to provide women with the tools and knowledge to invest. With 8 out of 10 women claiming to have the desire to invest sustainably but today struggling to find out how they could do it, we believe quality financial education can contribute to unleash trillions of capital invested with purpose that are today sitting in cash accounts doing nothing.
What are the metrics you will use to track/measure your impact?
We measure our impact by number of women who increase their financial confidence through our learning method, the number of financial professionals we have trained on the needs of female customers and by the level of awareness we can generate on the importance of money.
What is the vision for the company?
We want to build the world’s most sought after financial education toolkit for women, revolutionizing how money gets discussed and planned and mobilizing female capital to make a tangible contribution to the United Nations Sustainable Development Goals, in particular SDG5.
What is your current biggest challenge and how are you seeking to address it?
Our biggest challenge is to scale quickly so we achieve a sufficiently large user base to have a meaningful voice in the financial services industry. We address this challenge by actively seeking partnerships with corporates and financial institutions who share our mission and help us scale.
What are you most proud of/excited about for your business?
The societal opportunity it provides safety and protection for women who might end up 5 times poorer than men at the age of retirement. The incredible power it could have if all women that claim to want to invest sustainably really would have the confidence to do so. This capital could cause a pivotal shift.
What kind of partnerships do you have in place to grow your business?
We have a wonderful advisory board, the support of an accelerator and are actively seeking partnerships now to grow beyond a minimum viable product.
What do you see as the role of big Corporates in the Impact space?
The role of big corporates is to take a leading, front runner role realizing that the future does not hold a trade off between profit and purpose. It is not an either-or. It is an AND. If you want to be profitable in the future, it is not donations through CSR that will change today for the future. It is the change of business practice to ensure our planet can be preserved for future generations. And this is usually good for business too. I would love big corporates to embrace impact as a core business strategy for growth. Not as a feel good factor.
What does “diversity” mean in practice for your company?
Our company is female founded, female led and has a bias for women. Diversity in our company means to ensure that we have the right mix between women and men, age and cultural background and are intersectional from the go.
We also pay special attention to how we portray and include people in our marketing and communication, our design, our product development. All we do is co-created by a diverse community.
What does 2030 look like in your mind?
Shopping: Amazon, Tech: Apple, Financial education: SmartPurse
What’s next for your company?
Advance the build, get corporate partnerships and clients.
How can the SeedTribe community be involved in helping you scale your impact?
Help us to find corporate partners and impact investors so we can build and grow faster.
If you want to contact Olga, send us an email and we will put you in touch.