Hutsy Founder Tefari Bailey on Startup Talk Podcast
The Startup Coach talks to Tefari Bailey of Hutsy Financial. Hutsy is changing how you do banking. Hutsy is a free pre-paid, reloadable card with a companion app to help you get cash back, save, and track your finances with ease.
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Hutsy Founder Tefari Bailey on Startup Talk Podcast
00:00:02 – 00:05:15
Direct from the six world renowned Canada’s largest city with Canada’s biggest thinkers visionaries and hustlers. I this is startup. talk featuring the founders funders innovators and community leaders who’ve led Canada’s startup ecosystem. Right here in Toronto. You’ll hear the challenges. The failures the successes Toronto startup. podcast gives you the full story. Direct from the entrepreneurs and influencers made a difference now the host of startup talk. The founder of Toronto starts this startup coach of the start of talk. I’m your host Craig major. The startup coach and founder of Toronto starts and with me today Tefari Bailey founder and CEO of Hutsy. How you doing. I’m great. how are you today. thank you so much for having me on your Amazing podcast. I’m doing great and something. I didn’t say probably should’ve said beforehand and for those of you who know me This is day. six without coffees. I normally have at least a pot of coffee before. I go and get coffee. And so, this is it’s been a change for me I’m a little grumpier than usual. But I think that’s going to pass so we’re here to talk about Hutsy and let’s get off right away. Tell us what is Hutsy up. Alina brief level overview Hutsy is a prepaid card that comes through companion app to help our clients build credit invest earn cashback save track. We also do have a vertical that allows our clients to get early access to payroll so that they don’t have to any short-term loans last baby yeah, I saw that I saw If you’re using your card under regular that you can get a prepayment or pre-views it before your money’s in how does that work yep scrape washing. so how does work is for users that are with financial banking. And if they do harm direct deposit set up they will be able to get access to early payroll a couple days early access to three hundred dollars within five days due to the manner that you know No he will get paid every two weeks. And that’s something that was introduced since the sixties since people were working factories and things of that nature. Everything else has changed. Everything is also involved. But why not your paint cycle. Why is that those aims and we really want to make a change there. That’s great and I know a lot of people get stuck in those I don’t remember off the top head to big yellow signs of money mart and the pay whatever. The payday loans are trying to get a few bucks extra for the weekend or whatnot. I’m in this hopefully will eliminate some of that because people. That’s a trapping that just did it kills you financially once you start doing that most up. No, we’d zoo trapped in the life cycle of debt. That you really can’t get out of and you don’t really pay attention after a while. You’ll be getting one payday loans to cover the fees for the other payday while that’s where they get you. So, what would you like growing up. Where a handful for your parents were you. Studious indie music sports socializing. Greg questions are not necessarily music or up. But I was really athletic. I was yard. Mike parents were always working hard to jobs Monday to Saturday so I never really had a lot of time with them so I would see. How are they worked demand energy when he transferred over. It’s me then. I got into basketball. I was that. Was that guy that would wake up six o’clock in the morning. Go to the. La fitness and trained. Bring my high school middle school mates etcetera with mesa week to prepare while season or even nominees even to get ready for next year. So that’s really what I was like. My passion was basketball. I had a lot of runs going up. Because naturally being an athlete and captain learned the importance of teamwork building team having those skills and getting with others. I think it’s important for people. A play team sports That’s a great thing you hit on there and also think it’s important for us as a young individually. She should pay team sports. Because you understand. The value of other people in the cog and stronger together but also being on a winning team and being on the losing team. You know Both those feelings are important and understanding how to lose well and understand how to win. Well definitely agree with you. When it really doesn’t relate to the startup world is well morning out to lose in a team atmosphere instead of getting down on yourself. Too big bro. Why did we lose this game. Let’s go back and look at the film. What could we do to improve and get better so than bills your competence so that in the real world. You’re failing instead of giving up you’re looking at ways to improve and get better so going forward future agreed so after your sports and you know being a captain where did that take you University early career paths where did to fargo.
Hutsy Founder Tefari Bailey on Startup Talk Podcast 00:05:15 – 00:10:01
that took me to brock. University on saint Catharine’s Ontario. A did a business economics there. Yeah, I used to go to brock. I remember l. fees When before became the teachers’ lounge then they got the big entertainment area out front and how was brock for you. Rock was an amazing experience. I would say that would probably the best five years of my life getting to really understand life. Meet new people will be open to Completely different setting so. When did you know you wanted to be an entrepreneur. Was it right out of university or did it take some time. It was actually while I was in university Lie experience in the finance decrease on working at t trust pledged everything from the entry level position all the way up to financial investment adviser and a lotta people that will come to see me that generally notice had the best quality of life and actually found happiness or the ones that were business for sell or they didn’t really have to be bossed around by anybody or go to a job that they ate so I would say fifty percent was there and fifty percent was my roommates so in the summertime as you know a lot of people that went abroad weren’t from saint Catherine’s in go back home to their place but I would always stay for summertime and I had a different set of roommates that I wouldn’t bunk within in the summertime. They were all entrepreneurship. Happy one of my roommates was in digital marketing. One opened up a virtual reality company the other a taxi company that probably more market share than uber tonight regions and just being around those guys every day. Sulking in the hustle. The energy in the motivations equates a startup. That really led me to believe that you know this is something that I want to do in the future. So, you know you could be doing any startup. you know Coming from your environment with your roommates. I’m sure ideas were flying in crazy left and right on the things you could be doing so when you decided to do Hutsy why this idea. Why did you choose this over any other idea. I like to say opportunity causes. Infinite meaning Instead of working on this you could be working on any number of things but added to work on this so why I would totally agree with your economic background. Opportunity costs everything so why ultimately decided to you know. Start Hutsy when there’s million other companies. You’re the world’s that you can really into business models get into is do the man that about knowledge when it comes to my background. My background is in finance. This is a passion. I genuinely hand. So, if I wanted to quit self-driving car star. Let’s say something like that. I don’t really have a background educational or passion to pursue something like that but when it comes to banking I mentioned my first big boy job Standard trust I really understood the fundamentals and principles banking money and finance there so I was able to take that back here. It seems what you’re doing s- going to require a team and you know it’s not an app and a lot of partners and we’re going to get some of that later but finding the right co-founders of the first Key members can be crucial for an early stage startup. Can you tell me how you met. Your co-founders or your leadership team for sure so when it comes to the leadership that had seen finance we have three or people. there’s myself far bailey. there’s now a head of operations. Now filled my head of customer succession story’s funny. Thing is we all have worked for. Td can trust at one point in time but in different departments so this is a problem at all of us really wanted salt due to the manner that I was on the retail side. Were I being able to. You know Steve. The actual banking accounts of these people that were using payday lending services than al. She was more so on the back. End stuff analyzing trends data people that were forced to take these kinds of loans and see how the quality of life decreased or financial. Well-being I should say and they were more so on the board. KYC so with all of our expertise in their specific fields into banking region. We were able to come together and ultimately create this woman financial. So, it’s really important to have gray co-founders whose skills don’t overlap.
Hutsy Founder Tefari Bailey on Startup Talk Podcast 00:10:01 – 00:15:02
What you already know that we nobody stepping on each other’s but if you’re really able to scale vertically so let me ask you about the idea in want. How did you come up with this idea. Was it you alone. Having some issues with the bank hearing stories from your friend was it. You people gathered around. Where when did the light bulb go on. What was your aha moment. Johar moment had to been. When I was up financial advisor for working organ Stoney creek elle’s working at a more income area. Were people will attempt to get along on a daily basis. And for those of you that are in banking that sells stuff and you’re not the one actually approves the application you just fill in the information that’s artem in and then you’re sending it back to the them back and wait a couple of days in either approve it or b the climate or see they may approve it with some sort of conditions but a lot of people. Unfortunately, that we’re working with me. We’re getting declined and it was a payday. Lending shop in our saint. Waste so these guys to be able to get money from us. They will be forced to go to payday lenders and get an alone at a ridiculously insurance late. I read an article saying that since the covid. Nineteen pandemics started some eighty lenders church. Apr seven hundred eighty percent. Which is you know horrible. As we mentioned that leads people trump and allies like that and seeing how the financial wellbeing just continue to depreciate over time with me being advisors singing this and as I mentioned earlier seeing first hand people taking payday loans in order to pay off other eighty laws. So that’s one of the aha moment came into place and there’s like what if we did do something better. What have we can improve financial. Well-being of meetings. What have we to offer service in which we could give these Canadians. Access to capital on a zero percent interest rate to prevent them from having to go to these predatory eighty lenders. And if you are familiar with the industry at fifty-six-billion-dollar industry in the us about two to three million are using these payday lending services annually and we really wanted to solve that problem and it’s a good problem to solve People don’t necessarily know my background. But I worked for Davis and Henderson for some time doing Software implementation for the big six banks. One of my big clients was td financial services. We ran a lot of their web. Stuff back end and different things but going through Yeah, they’re the formulas the All the steps they need to do for approvals and routing and everything needs to go to complex process for all this stuff at any There’s a lot of little things they check for. And it’s If you don’t know anything about Your credit or how to build it. You won’t get approved. So how do you help those people who don’t know anything about credit and you know why they need it. That’s a great question. One of the things that we were talking about offline before what live was a lot of these companies are really implementing education to their users. And that’s really. What wants you to do doing. We want to provide financial literacy and education toward our people our clients to let them know what it takes to build a credit score like apples that we made on swam. I believe it was yesterday base. Go it was. What are the factors that determine what your credit score to really educate people on that because two people could have the exact same on job employer financial status but one person can be more educated on what it takes to get better credit score in kind of maneuver their financial moves in order to increase their score while the other person isn’t and they have the same job and everything but it’s just one person knows what it takes improve your score and be others so as you can see with other companies coming up in candidate. Us internationally a lot of them aren’t even looking at its anymore. Just leveraging big data machine learning and data algorithms to determine you know what their version of credit scores based on a bunch of macro and micro- meta data points. A firm is probably the leader in the space when it comes to personal your loans. And they’re not really valuing your credit score and another company in want to s also. Doing something similar was bressa. Were they are looking at your credit score but it’s not climbed early. What their focus on like the big five or six banks. so, let’s dive right into Hutsy. How does it work great question. So, what does that scene. How’s it works as it were as I mentioned the prepaid card that comes with a companion app to allow users to invest say track finances and earn cash back east.
Hutsy Founder Tefari Bailey on Startup Talk Podcast 00:15:02 – 00:20:02
So, when it’s when you say how does it work. It’s not necessarily a one shop it’s all. There’s a bunch of different use cases for people using z financial. Ideally the ideal customer for us would be somebody. That’s maybe they’re not in the best. Credit situation may lead. You have some unsecured that with outstanding payday lenders subprime lenders and we bring them in. We give them the tools and the resources to build their credit score. We take on that debt or them. We help them pay down so they start off at the bottom of the customer journey and then they move slowly of after we have cleared their unsecured debt. Went after we built that credits land. They moved to the top of the customer journey. And then we get them into investments into savings and to you know if they have a family if they have children getting them to bank with us at sea so we’re really taking them actor lowest in helping them become the best version of themselves with respect to their financial wellbeing and then their customer of ours for light. We really want to you. Know we genuine roots here or customers unlike. I don’t want necessarily say that bigger banks don’t care estimates but you could almost either incentivized to really help these customers out because it cuts into profits were as whether you are a multimillion-dollar client or your somebody. That’s struggling in debt. We’re treating you better same respects. That’s excellent and you know you mentioned here about you. Know getting money back or saving money without he. Can you tell us how that works. Yes, for sure so we do have Counts three counts and you have our classic and we’d zero premium so with our classic plan. You’re getting about point. Five percent cashback on all purchases that you make online or in store we also do. Have it’s of burners where you also get More cash back up to thirty percent her premium card and up to fifty team percent with their basic hard and that cashback comes to right away after that purchase or as with them traditional financial institutions. You only really get cashback on credit cards if you not of trash back visa or Mastercard card with that financial institution and I noticed you have an overdraft protection. How does that work or does it. Another good question. So how. production word sets or people that have overdrawn balance for the first one hundred dollars. We will not be charging them anything because we understand that things happen or example. If somebody has fifty dollars in their bank they go to Walmart than a hundred dollars on groceries now. Negative fifty dollars of overdraft or not charging them an interest rate on that beach design mentioned know stuck but ultimately that’s out of our feet overdraw section works that and I mean that’s your charging more depending on all sorts of reasons around that so that’s something I’ve not seen in a prepaid card before yup definitely I think one of the main reasons that are big banks. They have tons of thousands of employees across Canada and the us and they a ton of commercial offices so they’re spending billions of dollars on a monthly basis on salaries when it comes to commercial real estate and things about nature so they really can’t afford to operate does great rates that neobanks like ourselves are able to offer due to the manner that we have fewer overhead expenses and banks manager is the card useable everywhere yes so. The kernel beans used a war. Were visa and Mastercard accepted fantastic. And you mentioned neobank. Can you tell our audience. What exactly is a neo bank yet brochures for those that don’t know what in the neobank is by definition of neobank type of direct banks that offers operates exclusively online without traditional without traditional physical ranch. Networks so in short online digital bag so we talked about this briefly just beforehand You know my parents time. It used to be that You just pick you stuck with the local bank. And that was the way at work. You know Have thinks change. I see a lot of company saying that. People nowadays switch based on a better app Is that the case. And if so. How do you plan on competing in this market.
Hutsy Founder Tefari Bailey on Startup Talk Podcast 00:20:03 – 00:25:01
That could definitely be the case on Craig. You definitely right on that due to the matter that if you have been banking with a specific financial institution for fifty years and you have your rsp you’re with financial planning and things about nature it might. You probably wouldn’t want switchover to a new bank when you’ve been with a for over half of your life but when it comes to the new generation y other new banks. Typically, millennials are due to manner that they would be more inclined to switch if they’re all here or what’s giving them a better rate what’s giving them faster. State was better financial. And if neobanks banks are offering free accounts cashback on all services access to early payroll. Free overdraft rebates name withdrawals and big banks are not able to compete noppadol services nine times out of china millennial assembly life that would switch over to the neobanks instead of the traditional financial institution as they don’t have any emotional connection with that institution. Yeah I think Historically people were afraid to switch institutions because it took so long for them to get to know you and you know go through the ropes that all the stuff we were talking about earlier on so you know you have that fear of lock in a little bit so who is your ideal client who should be on Hutsy so when it comes to who are ideal point as its I mentioned. It’s not a one shoe fits all. We have different some products. That could really help anybody at the specific life cycle so when it comes down to we have one customer segment group that we are targeting. The most it would be the forty percent of Canadians living paycheck to paycheck. It would be the two three percent of the degree million meetings of using lending services of amulets. Because we want to help by merely what we want to do. More than anything is help. Clear that debt first of all is help. Increase your credits. Second ball thirdly bring year financial won’t being up and then after we’ve done all of the things I’ve mentioned below to start getting to invest in getting you to incentivize savings. Start preparing you or turn. Its and bringing your family along with the grading them at sea accounts as well but that’s not to say bats for example if somebody had no data their credit scores awesome. That’s not to say that we would want work those clients as well because we ultimately will program them in the future as well due to the manner that were offering free accounts access to early payroll and all the cool means and features that I mentioned the bosso. Some people just probably want a better deal than what their traditional banks are giving them. So, anybody’s really bank with us. So, I see that you’re accepting people to get on your waitlist on your own. Hutsy.ca when is the app launching so we would end suspect our app launching in about august. Two thousand and twenty-one. And you’re absolutely correct. We do our weightless on website in which you find. Www dot c. dossier we have seen a significant amount of trashing this far in the couple months that we’ve launched this. We have awfully about fifteen hundred plus people on the wait list and we’re excited to continue to grow that so everyone talks about hustle. And I know you’re a prelaunch with your app. But what are you doing to build your audience and get traction so bill. The audience and get traction. The first thing of doing research researching other online digital banks physical banks not only in Canada in the united states in the united Europe and seeing what their primary methods for customer positions and a lot of things need my restrain team noticed that fifty two percent’s of clients on the neobank or coming from direct. So, people going to the website directly thirty two percent is coming from organic. Seo cert- so a big chunk is coming from organic seo search and direct so. We’re looking at Optimize those things by coming on podcast rape people like yourself Craig by creating blogs and financial education on our social media platforms so we could build the awareness where we’re not really trying to sell people to bank that’s providing them with knowledge resources than formation. That would make them say. Wow this is great. Aunt and this is cool stuff. I would love to bank with these gods without directly selling them on products or services. I like to share both successes and failures. You know so.
Hutsy Founder Tefari Bailey on Startup Talk Podcast 00:25:01 – 00:30:04
There’s a chance that anyone listening or watching won’t make the same mistake. Is there a time where you screwed up and made the wrong pivot or up decision that you can share. Yeah most definitely when it comes to a pivot so first of all let me story when hot seat or started off we were supposed to be a real estate investing company so you look at our old which I have on a hoodie rate year. If you look closely could actually see the h. Is a real estate. And why this came as dude manner as I mentioned to you want to rock university in saint Catharine’s A lot of people go home in the summertime. they don’t stick around unless they have summer. School so I lived in an area called lofts rent. There was about six hundred dollars per room and there were four rooms in one apartment unit. So, a lot of people would go home and there would be spending six hundred dollars a month for their room for four months. And they’re not there. Whereas I would go talk to those people directly and say if you’re going to be spending six hundred dollars a month I pay you two hundred dollars a month for your room so that way. You’re only spending or not sex. So, I would get those leases and then album. Release those out to. It’s at my friends and other people or about four hundred dollars homes saying hey instead of you. Having to pay six hundred dollars rent replaced like this. I’ll give it to you or so. Then I could profit about six hundred dollars a room. Eight hundred dollars unit so that was my first experience in real estate rental arbitrage. That was really successful. That really helped me get live with my tuition living expenses while in university and then after graduation like I was in saint anymore so I wouldn’t be able to do that. They’re thinking I’m in the big city of Toronto now. How ’bout A similar play here. And then that’s how Hutsy was founded instead. We were willing to call the company Hutsy stays and we were willing to two runs. A ton of units downtown Toronto in partnership with the landlords and reroute them out on places such as Airbnb book dot com expedia TripAdvisor ultimately. What saunder in the united states and Ohio leans out in India does but then the cove nineteen pandemic hit so we were forced to really pivot because travel was locked off Airbnb. Specific buildings in Toronto was locked off. So, we would. Have you know we would went bankrupt before we even started so that was definitely one major screw-up in in our company cycles and another one was when we first started out see binational were all to lean giving eighty alternative loans so places like money mart you and things of that nature other payday lenders returning. Apr’s over five hundred percent so we wanted to get into the same industry insured. Apr’s of leads eighteen hundred fifty percent which is fifty percent lower. We thought we were doing a favor. We got a lot appliance We made a great return on our investment. But we really weren’t solving the problem of these people back finish paying off the loans. Were still coming back to us. For loans. to get renewed. Their financial status wasn’t getting any better. So, you know as a team. We got together and figured out. Willie aren’t solving appalled me. We’re just continuing to keep people that so. Those were the two major obstacles that we had to go through school ups and his short life cycle. But this sounds like a few natural pivots along the way Do you have any tips for other early. Stage founders and needs help spur other earliest aged founders Yeah first of all. I would like to say that it’s much easier to steal vertically than horizontally so focused on your primary product. I get that right before moving onto other products secondly worry about getting aid to be not eighty a great. Look people around you. Even if you’re cast wraps were just always remember that. Your first team is not going to be your eighteen. And it’s always good to have a plus players specific field that they’re doing if you are a business development guy. Don’t try to get into coding. Because it will take you a couple of years to learn how to be an eight plus player in that aspect going higher coder you know. Bring somebody on so instead of you. Having to spend three two to three years of your life learning to do that they have already spent two three years of not more of their lives. Learning how to perfect that skill and thoroughly define what success looks like review in. Go from there because you may speak to venture capital firms. You may speak to angel investors etc. and their definition of success lightning different than yours. You might be a Canadian stirred up. You might want to stay in Canada but the investors or venture capital firms.
Hutsy Founder Tefari Bailey on Startup Talk Podcast 00:30:04 – 00:35:01
Or maybe other colleagues say. No, we’re going to go into the us into the united Europe but to bind. What success looks like you. Go away from your four concepts. Those are the three pieces of advice that get to upcoming entrepreneurs. You mentioned angel. NBC investors in there. I understand you’re currently a raising money on Equity crowdfunding has echoing. Yeah that’s great so we’re actually raising capital at best which is a licensed emergency funding platform. I believe we reached one hundred percent of a minimum bowls in the first week and we would have fastest company to do that right now. Early over-funded a hundred forty percent but everything is still in. You’re still able to invest. I believe the campaign was going on or about twenty-five days of definitely able to invest madden. I’m sure bragwell. Post the link in the description year so equity funding awesome. It’s everything one of the reasons why I wanted to do. That was a lot of family friends and colleagues and asked me how they could get in housing. The can you believe it or not allowed to do it unless we have a licensed provider. Doing something like a robust over the resources to do that. So, if you’re an entrepreneur and you’re unable to get angel investments or venture capital investments due to the manner that you don’t have connections to any angels or any venture capital firms. Don’t worry there’s a ton of other resources such as equity crowdfunding They have you covered. And I also do want to mention. That’s there has been a lot of successful companies that have raised via equity crowdfunding and went onto raise tons and tons of millions of dollars future funding after that so now with Fintech jumping more normalized in Canada and Ontario specifically. There are a ton of resources to get what you want to get accomplished. when it’s sear fundraise goals yeah and you know people actually want to invest. Then they want to have alternatives You know we’ve seen the robin hood Stories in the us. How every all the retail the local investors small blue wants to put their money in it’s nice to have platforms like Equivesto where we can go and invest I think as little as one hundred dollars. I don’t sure where you’re a minimum starts in startups either you know locally or I think with equity crowdfunding. You have to be in the province that you’re raising and so it’d be Ontario here. Think echo vessel operates in seven or eight provinces. We usually have We have Alex Morsink from on fairly frequently Mentoring and doing other things so It the team. They’re always an excellent job. And the people. I talk to who have raised on their always have been happy with them. So, if your interest not checkout equivesto, sounds like you’re having A good experience with them and being one hundred forty one percent over-funded within seven days is pretty impressive. Definitely do you want to touch on what you said. Crags Equivesto allow entrepreneurs and investors from Ontario, British Columbia nova scotia, and Alberta to either invest or be come on the platform as a company to raise capital on. So, we’ve been on. Doesn’t bob owned or a couple of months now and yep we. We didn’t raise one hundred forty percent of our goals in the first week. I wish that would be awesome. Happened about a month down the house do so my apologies So you know with equity crowdfunding or speaking to investors or just you know starting a startup. How important is being able to pitch for an entrepreneur. Being able to bitch entrepreneur is everything you need to be able to solve story. You need to be able to sell your dream and your visions. Your investors potential investors audience and your future customers most investors that I’ve spoken to they invested in people are so even before the idea. They’re investing in people. You are who your teammates. What your core values believes ethics and things of that nature. So, I think about stepping earliest skill. If you’re an entrepreneur you’re going to want to have downtown perfected. Your elevator pitch agreed. Do you have any advice for startups. Who are seeking advisors. Something I get all the time. People looking for advisors people looking for mentors to have any advice for those advice for people. Looking forward is iris and mentors.
Hutsy Founder Tefari Bailey on Startup Talk Podcast 00:35:02 – 00:39:23
I would definitely go to your direct group of other entrepreneurs and other people that you speak to on a daily basis that app expert cheese on the subject and really asked them recommendations. Hey I’m in. The helps acknowledging star that g have any resources for somebody who was highly knowledgeable in the space somebody who’s been barren done that before. And maybe even competitors for you and been there and done that maybe solar company may be raised a couple of rounds of funding the offering to reach out to early employees there because they’ve been there and done that and maybe they can help. Advise along the way due to the manner that it’s only natural that you’re going to make a ton of mistakes along the way in early stage startups but if you have the option needs bring somebody along as an adviser who’s already made those states and could prevent you and guiding the right direction you’re going to be on a path what’s next for you and Hutsy. What’s next for myself. And had seen us completing our funding round launching our neobanks launching application and getting ready for micro adoption of obscene Ontario. This is the twenty-billion-dollar industry across the world. And it’s expected to jump to four hundred. Seventy-one billion by twenty twenty-seven growing forty seven percent of the year. Canada is unfortunately always last to the market when it comes to the neo Beijing concept and stopped in the us it’s adopted in the United Kingdom adopted around the world but chadha I want to save the major banks. We’ll have shrunk older ninety five percent of the market here so were in the space at the right time. There are a couple of other people in the space that have proven success when it comes to micro adoption in Ontario Canada in general. And it’s been proven what the big five or big six banks. Here’s been proven that this is a lot of space where one company is going to take. All this is not a like Facebook with Facebook is going to be the leader in basle specific social media platform. We have to TD, BMO, Scotiabank, andrine. Cibc all able to have some market share. Someone becomes neobanks. I think it’ll be the same thing pretty much to re entry ourselves. I feel that all neobanks. Ovation have a specific burkle in which they go. Or that differentiates themselves from the others and ours is. That were really listened to help. Those forty-five percentage living paycheck to paycheck. Taking them wonder down urine bringing them a year. So that’s where we appreciate ourselves compared to other neobanks across the world fantastic and if people wanna find out more where can they go and find. You wanna find out more built rates go to. Www.hutsy.ca which is our website. You can find us on instagram. At a financial on link dinner at the financial and on facebook at unsee financial. And you you’re interested in investing in Hutsy financial. You could definitely do that on at bustles Platform crackers posted link inside of those words that put the link in the show. Notes for those listening on the podcast. Thank you very much for taking the time to talk to me and being part of startup talk today. I really appreciated learning a lot about Hutsy. And what’s going on with a neobanks in Canada. Really do appreciate it. I always see the Toronto stars in the amazing podcasts. That you’re doing so it’s it’s funny. It’s on the other side being one of the guys that you’re interviewing we do before. It’s always good talking to entrepreneurs that are doing stuff. That’s fun and innovative. This has been startup talk. Toronto startup podcast for more exclusive content. The episode volt and to be part of Toronto starts community visit. Toronto starts dot com. Get your name on the newsletter mailing list and check out our upcoming events. Four more episodes subscribe now employees. Recognize the time and work behind the scenes. Put into connecting you with the biggest visionaries entrepreneurs and innovators in Toronto by leaving five star review. Join us more next episode from Toronto’s most active entrepreneur and community on startup talk.