University of St. Catharines grad’s business wins $500,000 on Dragons’ Den TV show
Published on February 23, 2022 at 3:40 p.m.
Brock University graduate Tefari Bailey convinced a ‘Dragons’ Den’ investor to invest $500,000 in his new online banking business. (Photo: Brock University)
Just two years after graduating, a Brock University alumni hit it big when one of CBC’s Dragons’ Den celebrity investors gave him $500,000 to invest in his business.
Tefari Bailey, a 2019 graduate of the university’s entrepreneurship program, caught the eye of Den investor Wes Hall with his online-only fintech company, Hutsy.
Online only means no physical bank involved. However, added Bailey, without physical banks, there are no unnecessary bank charges.
“Many Canadians live paycheck to paycheque, forcing them to spend their money on unnecessary bank charges. With Hutsy, we want to eliminate that,” Bailey told campus newspaper Brock News.
Bailey added that people with low credit scores don’t have options when money is needed, turning to high-interest payday loan companies that only push them further in. indebtedness.
He said Hutsy offers simple banking solutions with no transaction fees or cash advances. Going a step further, the app even offers a credit-building program for those struggling to make ends meet.
With all the advanced investors including this big boost from Dragons’ Den, Bailey said he can now complete the technology needed to turn his dream into reality and expects the app to be live between April and June.
Its goal is to have more than 10,000 Hutsy users in the near future and possibly pan-Canadian integration of the company app.
“We know it’s not a race, it’s a marathon,” Bailey told Brock News. “We’re taking things one step at a time to achieve our ultimate goal of helping Canadians establish and build credit, while educating them on financial topics to help our users save money. »
If you’re curious about Hutsy, check out: http://hutsy.ca
Tefari Bailey presents her online banking app, Hutsy, to celebrity investors on CBC’s “Dragons’ Den.” One of them takes a $500,000 chance on Brock’s graduate company. (Photo: Radio-Canada)
insauga editorial standards and policies The advertisement