Joseph Akintolayo says it doesn’t make sense for all banks to hire people to create similar platforms. He thinks his company, Deposits, can democratize banking.
Deposits’ selection came just a month after it raised $5 million in seed funding led by Austin-based ATX Venture Partners.Deposits, which has about 30 team members across the U.S., can be profitable in 13 months, he said, barring a recession or other dramatic changes in the economy. Last year, the company did about $1 million in revenue, and this year it’s expected to double that. It works with 13 financial customers.
There is a racial funding gap in the U.S., with Black-founded startups receiving just 1.2% of total venture dollars invested in the first half of 2022, according to“I don’t look like Mark Zuckerberg or Jack Dorsey,” Akintolayo said. “So you might do a whole miracle, and it’s easier for them to say, ‘Wow, that’s a miracle. It’s an isolated incident.’”Akintolayo grew up going back and forth between Nigeria and Arlington before landing in Arlington permanently with his family around the age of 10.
Akintolayo said he felt like he had to be an entrepreneur because he has sickle cell anemia — where red blood cells are shaped in a way that slows or blocks blood flow, a genetic disorder that can require long hospital stays. One of his sisters died from the disease, which has no known cure. “You look perfectly healthy, but you’re dealing with a serious disease,” he said. “It created this environment where it was just difficult, and that’s the case with a lot of people with a chronic disease.”
At the same time, he started an organization in Nigeria called Renaissance Lab to give underserved communities the resources to be entrepreneurs. The organization is half a coding school and half an innovation lab. Some participants have gone on to work at Google, he said.
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