This month of August Fintech time, we’re looking to highlight some of the amazing things fintech is doing around the world. We always hear about “the latest game-changing innovation that is good for the community,” but are these innovations good for those who are already in an advantageous position, or are they helping to make the financial world more accessible? For us at Fintech Times, fintech for good means companies that seek to help people in desperate need, prioritizing financial inclusion and sustainability.
For many established organizations, the pandemic has proven to be a difficult time. Everyday life as we knew it has been completely uprooted and attitudes towards work have changed. Remote working was introduced and the way companies interacted with their customers also needed to change. Many people have lost their jobs due to the pandemic, but this unfortunate event has inspired many to become entrepreneurs and work with their families to tackle financial causes close to home.
We’ve covered how some businesses have been able to use the pandemic as a pivot point and thrive as a result here, but in this article we wanted to highlight the people who took matters into their own hands in the face of problems and started families of their own. – leading businesses to provide excellent customer experiences to others.
Chris Brooksfounder of CryptoAssetRecovery.com, the company that does exactly what it says on the tin (recovering lost crypto assets), told the Fintech Times how he and his son started a business that aimed to recover funds from locked crypto wallets: “CryptoAssetRecovery.com was founded by a father-son team to help people recover passwords to their self-custody Bitcoin and other crypto wallets. We have a somewhat unique business model, in that we only get paid once (and if!) we collect funds for a client. One aspect of this is that we don’t charge an upfront fee – customers can hire us to help them recover their passwords, even if they don’t have cash.
“For example, we cracked an interesting wallet for a client named Alex in mid-July. Alex contacted us in October 2021 with a 21-word mnemonic phrase that should have given him access to his wallet, but didn’t. (Blockchain.com generated these mnemonic phrases which were between 11 and 25 words for the first few years of their history, before moving to the standard 12-word BIP39 seed phrases.) We had to write custom code to figure it out what was wrong with his phrase and running millions of variations until we finally deciphered it eight months later.When we got on a Zoom call and open the wallet that Alex was living in his van. His comment was, “You have no idea how much I need it right now!”
“Bitcoin has always been hailed as an extremely useful technology for people who don’t have access to traditional banking services. Although we are based in the United States, many of our customers are not. In fact, when we have carried out a recent analysis of the wallets we have hacked so far in 2021 and 2022, just over a quarter of them were from customers living in African countries such as Nigeria and Kenya where the use of Bitcoin is widespread.
Rhett Robertco-founder and CEO, LoanPro, a basic loan software specializing in loan servicing, told the Fintech Times of the evolution of the family business: “The foundation of LoanPro’s culture is the belief that you can turn an idea into reality with support. and hard work. From long weekends at the office to holidays filled with meetings and brainstorming sessions, my brothers and I are no strangers to hard work. And our support comes from each other.
“My brothers, Ben and Lloyd Roberts, and I had entrepreneurial experience before investing in a used car lot together in 2006. Summers mowing lawns and a myriad of businesses ranging from Dutch oven cooking to raising cows on a farm, we knew what it took to run a business.
“When we started financing vehicles, we quickly felt the pain that many modern lenders still feel today: servicing loans. Dissatisfied with the vagueness and lack of transparency offered by most lending platforms , we decided to create our own lending platform.
“The software we created suited our needs so well that other auto lenders began requesting access to the new platform. It soon became clear that each lender did things a little differently. these differences, a new version was created and marketed under the name “AutoPal”, which became extremely popular with customers in all 50 US states and all provinces of Canada.
“In 2013, we started from scratch and created an application designed to support multiple loan types, provide greater data visibility, accuracy and scalability with its users. This application is what we know today as LoanPro.
“Today, LoanPro is growing at a blistering pace with over 140 employees and is among the top 30 fastest growing software companies in the country. Seeing our vision come to life and turn an idea into reality is very satisfying. Being able to do this together as a family and with our LoanPro team members, who I consider family, means the world to us.