This banking whiz emerged from 'Dragon's Den' with $500K and a mission

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Tefari Bailey says Hutsy will lend a helping hand to Canadians abandoned by the big banks

Hutsy, a digital banking platform, comes with a no-fee account and an app that helps users save, earn cash back and track their finances. With 15,000 users on its waiting list and a $500,000 investment from one ofto talk about neobanking, the problems with Canada’s current options and what role Hutsy has to play.In simple terms, a neobank is an online digital bank.

Unfortunately, I was working in a lower-income area and I didn’t have the authority to either approve or decline loans. As the advisor, I would just put the information in the system, it would go to our back office adjudication team, and they would either approve or decline. For those individuals who were declined, I would see them go to the payday lending shop in our same plaza to get that $300 payday loan just to fix their cars.

A lot of Canadians don’t realize they have options outside of the big banks. What’s your advice for them?

 

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