Schools are more likely to teach you "Hot Cross Buns" on the recorder than what a Roth IRA is. With one in five students lacking basic financial literacy skills, it is clear that current methods aren’t working. Xipi (pronounced “Zippy”) CEO Christine Concepción and her co-founders teamed up to create a better way to educate people about their finances. Xipi’s brand is accessible, modern, and entertaining.
Christine experienced poverty in the South Bronx at a young age and realized that education was the way out. She attended Columbia for undergrad then worked in finance and hedge funds in Manhattan. She graduated Columbia Business School in May 2019. Shortly after earning her MBA, she and her cofounders launched Xipi, which was VC funded within about a month (unheard of).
Did you know that if you launch a startup within six months of graduating business school, you’re 80% more likely to succeed than if you wait? Always strike while the iron is hot.
02:30 Xipi will provide micro-lessons in five minutes or less to teach financial concepts through reading, video, or other forms of content - a voice component is coming soon
Beta launch in November 2019
06:00 Gamification is a big part of Xipi
Accessible language, less formal, more fun - targeting millennials with a social media focused marketing strategy, especially on Instagram
06:25 People with low levels of financial literacy rely on friends, parents, or friends to learn about money
06:40 Fact: 40% of Americans do not have $400 for an emergency expense. They often rely on payday loans to cover costs, which puts them in an even more grave situation with extremely high interest rates.
07:30 You see friends living their best life on Instagram but probably don't realize that 70% of young adults in the U.S. (people under 30) are receiving financial support from their parents (see stat from Forbes)
11:00 Is there any money in doing a financial literacy startup?
12:15 Yes. Plenty of companies doing good which have a layer of social responsibility are making money. See: BlackRock chief Larry Fink tells CEOs to fix society's problems in an increasingly divided world - Business Insider):
“Larry Fink, the investment manager who oversees nearly $6 trillion at BlackRock, set off a yearlong conversation among business leaders and policymakers last January when he wrote a letter to chief executives declaring that companies needed to do more than make profits.”
13:05 Disproportionate impact: lack of financial literacy hurts women, minorities, and LGBTQ the most (the people who make less money) - though all income levels can benefit from learning how to manage their money better
14:00 11% more women have degrees than men but two-thirds of student loan debt is held by women
15:30 This gamified education is for everybody - it’s fun, quick, and is the equivalent of a WOTD (word of the day) app or lesson
16:00 WTFWednesday is a Xipi Instagram theme, e.g.: WTF is a rate cut? Let’s learn vocabulary in more than one way.
16:25 Business model: how will Xipi drive revenue?
16:35 Beta launch in November is invite-only, and Xipi will be open to all in spring 2020 based on a freemium model for year 1
18:20 What kind of voice component would be right for Xipi? They are considering an Alexa skill or Flash Briefing
Connect with Christine and Xipi:
Christine - LinkedIn
Xipi - Team: https://getxipi.com/team
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