Given that the           Cisco Global Problem Solver Problem           2021 winners have already been           officially introduced          , we have been excited so that you can find out more about each winning group and the whole tale behind each innovation. The Cisco Global Issue Solver Challenge can be an annual competitors that awards money prizes to early-phase tech business owners solving the world’s toughest difficulties. 12 months now in its 5th, the competition awarded actually its largest prize swimming pool, $1 million USD, to 20 winning groups from round the global world.

The $25,000 USD Third Runner-Up Prize was awarded to Leaf Global Fintech , a startup that created a worldwide virtual bank that refugees, migrants, and cross-border investors may use and affordably to receive and send money safely. Users can shop, send, receive, and accessibility their money safely without having to be worried about accruing banking costs during their travels. Multiple currency transactions can be found through Leaf Worldwide Fintech also.

I sat lower with Leaf Global Fintech’s CEO and Co-Founder, Nat Robinson, CTO and co-founder, Tori Samples, and Senior Analysis Fellow Jake Leve, for more information about their eyesight, inspirations, targets, and their innovative cross-border financial solution.

What problem can be your technology solution attempting to solve?

Nat: I believe our big option addresses a worldwide challenge facing thousands of people. Globally, migrants and refugees that are fleeing conflict and carrying money don’ t have a whole large amount of good solutions. They may be robbed across the real method, and they’re forced to cover bribes in order to border guards. You can find all of these fantastic FinTech solutions that are offered already, but aren’t being delivered or developed for migrants and refugees. That has been our big sort of initial problem that people wished to solve; was assisting those who have money, and suddenly need to grab and flee then, but haven’t any safe spot to store those money or access those money across the real way. They all had cell phones and accounts before yet. Tori: Leaf Worldwide FinTech will be flipping the prevailing paradigm on its mind by bringing the most recent and greatest in technologies to a group that’s historically ignored and underestimated. Therefore it’s fun, honestly quite, in order to provide accessible, affordable providers to individuals who are only viewed as beneficiaries typically, instead of customers. After the label is experienced by you of refugee put on you as an individual, it is extremely difficult to obtain that label off. Whenever we describe Leaf, we describe that one the simplest way to attain this combined team is through business. There’s dignity in treating someone because a person who has agency and choice. We need to earn their rely on and their regard and communicate our solutions clearly.

So how exactly does the solution function?

Tori: We’ve taken lots of time in the look process to make certain that this functions in real life. Our solution includes a blockchain backend, nonetheless it doesn’t need customers to comprehend blockchain or cryptocurrency, or even understand that that’s [what operates] behind the scenes. We make our services available over basic phones furthermore, which means you don’t need to have a smartphone, as well as internet on your own smartphone. It’s a fascinating pairing of technology and it’s the specific, detailed configurations which make it function. It’s not applying blockchain for the issue that means it is work just. Nat: Reduced tech front finish and high-tech back finish. We’ve integrated with current payment networks which are in the market. Therefore we’re operating like mobile cash in order to the telcos and the telephone companies. It’s easier to get usage of that accounts than it really is to obtain a bank-account. And so, by looking for that typical denominator, that’s permitted us to obtain additional of our customers usage of the services-versus getting them jump through all of the hoops to obtain a bank account, should they have limited documentation specifically.

What inspired one to develop this alternative?

Tori: It’s very private for me. I spent a whole lot of amount of time in and around refugee communities in america. It’s a large part of my own life story and trip for approximately 15 years prior to starting Leaf. I have caused people who have been through difficult circumstances unimaginably, due to [their] obtaining stuck in the routine of poverty.

Seeing how people’s financial wellness is oftentimes [reflected within] their general health and wellbeing was sufficient to create me absolutely desire to [help].

      Nat:           I ran a microfinance firm in Kenya for seven yrs. I was providing financial loans to rural smallholder farmers, individuals who were quite definitely excluded from the official finance institutions. And everyone states, “you can’t give financial loans to farmers, they’re poor, they may’t back pay it. It’s likely to work never.” And we’ve switched [this opportunity] right into a very rewarding company that's helping thousands of farmers throughout Kenya, leveraging technologies to do it.

How will successful a prize in the Cisco Global Issue Solver Challenge assist you to advance your organization?

Nat: I believe we’ve seen most of the benefits beyond just the amount of money already. Of course, the amount of money is wonderful, however the big part may be the validation, and benefiting from of this credibility and recognition from the large institution-especially a specialized company like Cisco. This award provides us that assistance and credibility to obtain investors and new companions, and to obtain credibility with clients even. That’s extremely powerful and much more influential compared to the money potentially.

Are you aware what you shall utilize the prize money for particularly?

Nat: Yeah, a large use situation is empowering our increasing list of sales brokers. These are refugees predominantly, who are away promoting our wallet and our services there. They make a commission by registering individuals, like any commission-based program just. But we have to pre-fund the plan to get that on the market. So a variety of both generating some work opportunities and helping more folks transact and create cross border obligations cheaper and much more affordable.

Leaf Global Fintech provides partnered with an corporation [that handles] marketing recognition through social media marketing. They utilize refugees in a few of the camps that we’re dealing with.

They are all initiatives which were higher risk and much more cash up front side, that people were type of hesitant to place much behind too. But now, we’revery much moving using them forward.

How gets the worldwide pandemic impacted your projects?

Tori: It’s been best for company, because right now there’s already been a worldwide push for additional transaction options and getting individuals comfortable with that. Obtaining people off cash is indeed good for so multiple reasons, across the planet. People are convenient using technology for several types of things these complete days. To place it in perspective, before COVID, we didn’t have any shipping apps in Rwanda. And we’ve two now. Even small things such as that provides people [self-confidence] to be more comfortable with us, and more comfortable with producing online obligations, and having online transaction systems

The cons have already been that it’s been economically problematic for our customers incredibly. People have to make a living during lockdown nevertheless, you can’ obviously;t step outside your home with out a police clearance. When we’ve had lockdown in Rwanda, it’s been absolute–simply no restaurants, no public transport–so folks have been struggling really.

Why did you choose to start your personal social enterprise versus likely to work for an organization?

Nat: Tori and I both visited grad college, and had completely different career plans. Tori would go to work with a large healthcare tech company back again, and I was in regulation school hoping to access work with a statutory lawyer. These were real job opportunities with salaries and all that.

But then there is this continuing business strategy competition that has been funded by the Clinton Basis. That year, the style was on the worldwide refugee crisis. Tori and I and the others of we were matched collectively randomly. From that competitors we developed the theory for Leaf and began to earn pitch competitions and secure some financing.

In hindsight, I don’t know very well what I was considering, but I understand there’s times where that normal paycheck could have been nice, [becoming] within an office and advantages. But now, I believe concerning the opportunity and passion to create something substantial for humanity and society.

Jake: You aren’t really subjected to these interpersonal enterprises at University. The essential idea to just work at the intersection of earning a global impact, making a profit, and using leading edge technology was and is quite attractive to me still.

Seeing the passion plus grit from the founders actually drew me in plus made me think that this is not really just a viable company model, but can transform so many lives all over the world also

What advice are you experiencing for other social business owners?

Nat: Be ready to be versatile. Perseverance, obtaining scrappy, and getting creative are all likely to be key, since it is really a harder than starting a standard business lot Jake: You can find hurdles that each company will encounter. Every continuing company had to cope with COVID. And for me, the main element is remaining patient and flexible. As as you possess that funds and the runway to keep long, you can through push.

Keep tuned in for more articles inside our blog collection , offering interviews with every Cisco Global Issue Solver Problem 2021 winning team!