Innovators in Fintech: Meet the Founders of Nala, Brico, and Increase
In the ever-evolving landscape of financial technology, a new wave of entrepreneurs is making significant strides, particularly in addressing unique challenges faced by diverse populations. Among these innovators are Benjamin Fernandes of Nala, Snigdha Kumar of Brico, and Darragh Buckley of Increase. Each of these founders brings a distinct vision to the fintech space, leveraging technology to create solutions that resonate with their respective audiences.
Benjamin Fernandes: Nala
At just 32 years old, Benjamin Fernandes has already made a notable impact in the fintech world with his company, Nala. Born in Tanzania, Fernandes began his career in media, hosting a TV network run by his preacher parents. His early exposure to global events like the 2012 Olympics and the 2014 World Cup ignited his passion for connecting people. After earning an MBA from Stanford, he founded Nala in 2018, initially focusing on speeding up money transfers within Tanzania.
However, the journey wasn’t without its hurdles. After facing setbacks, Fernandes pivoted Nala’s mission to cater to African migrants in the U.S. and Europe, enabling them to send money back home more efficiently. This strategic shift has proven successful, with Nala’s customer base more than doubling to 670,000 in just one year. The company recently raised $40 million at a valuation of $250 million, underscoring its growing influence in the remittance space.
Snigdha Kumar: Brico
Snigdha Kumar, co-founder and CEO of Brico, is another trailblazer in the fintech sector. Originally from Mumbai, Kumar’s journey took her from working as a financial services consultant in India to earning a master’s degree in public policy from Harvard. Her career trajectory included a significant role at Digit, a San Francisco-based fintech, where she rose to head of product operations.
In 2023, Kumar launched Brico with a mission to simplify the complex state-by-state licensing process for fintechs and nonbank financial players, such as money transmitters and lenders. This innovative approach aims to streamline operations for companies navigating regulatory hurdles. With $8 million in seed financing and 30 clients, including notable names like Marqeta and Bilt, Brico is poised to make a substantial impact in the fintech landscape.
Darragh Buckley: Increase
Darragh Buckley, the founder and CEO of Increase, brings a unique perspective to the fintech industry. A native of Ireland, Buckley was the first employee at Stripe, where he gained invaluable experience in the payments sector. After leaving Stripe in 2016, he relocated to Bend, Oregon, to start a family and contemplate his next venture. In 2020, he founded Increase, financing it through the sale of his Stripe stock.
Increase operates behind the scenes, helping small and midsize banks and fintechs connect more effectively with payment networks like FedACH and Visa. With a customer base of 4,500 and a team of 16, Buckley is on track to make Increase profitable this year. His decision to establish the company outside traditional fintech hubs like California or New York reflects a growing trend of innovation emerging from unexpected locations.
The Broader Impact of Immigrant Founders
What stands out about these three founders is not just their individual achievements but also their shared backgrounds as immigrants. In fact, five of the six CEOs featured in the latest Fintech 50 list are immigrants, highlighting the diverse perspectives and experiences they bring to the industry. This diversity is crucial in creating solutions that cater to a wide range of customers, particularly those from underrepresented communities.
The fintech sector is increasingly recognizing the importance of inclusivity and representation. By addressing the unique challenges faced by various demographics, these founders are not only driving their companies forward but also contributing to a more equitable financial landscape.
Conclusion
The stories of Benjamin Fernandes, Snigdha Kumar, and Darragh Buckley exemplify the innovative spirit that defines the fintech industry today. Their companies are not just about technology; they are about creating meaningful connections and solutions that resonate with real people. As they continue to grow and evolve, these founders are paving the way for a future where financial services are accessible, efficient, and inclusive for all.