In this episode of FinTech Connect, José Fernández, the CEO and founder of Bankuish and Filance AI, discusses his journey and the mission of his companies with Storm2’s Ash Griver.
Bankuish and Filance AI aim to empower gig workers, freelancers, and creators by providing comprehensive performance dashboards and financial products tailored to their needs.
Key Highlights:
- Bankuish is an app designed to help gig workers and freelancers manage their income and performance across various platforms. It provides detailed metrics such as earnings per hour or kilometer and helps users compare their income month-to-month. Filance AI is the US version of Bankuish, enhanced with ChatGPT to offer personalized insights. It analyzes users’ data to provide actionable recommendations to increase their earnings and manage expenses efficiently.
- Value Proposition and Business Model:
- Bankuish and Filance AI focus on helping gig workers increase their income and access better financial products. They offer these services for free to users while charging banks and financial institutions for data access and origination fees.
- They aggregate user data to demonstrate the creditworthiness of gig workers, convincing financial institutions to offer pre-approved loans and other financial products.
- Personal Motivation and Market Potential:
- José shares his personal experience as an expat struggling with credit history in the US, which inspired him to create solutions for the 68 million Americans who are thin file or no file.
- The apps leverage gig workers’ extensive data to bridge the gap between gig platforms and financial institutions, ensuring gig workers receive fair financial treatment.
- Achievements and Challenges:
- The company has expanded to several Latin American countries and the US, with over $200 million in financial products originated and more than half a million active users.
- They have won multiple awards for innovation and financial inclusion.
- Challenges include convincing risk-averse banks to use their data and balancing the interests of gig platforms and financial institutions.
- Future Outlook:
- Filance AI is poised for significant growth in the US. José invites interested parties to try the app and join their mission to bring dignity to the financial lives of gig workers.
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