On the 2nd day of Christmas my true love gave to me… an online tool for micro-financing and money pools, eMoneyPool!
So excited to introduce the 2nd company that is in our cohort at SEED SPOT giving back to the community – eMoneyPool! eMoneyPool is a microfinance company that developed a program for the underbanked to be able to access capital and easily improve their credit.
Brothers Francisco & Luis Cervera, founders of eMoneyPool, were raised in San Diego, California where a cultural phenomenon known as ‘Cundinas,’ or money pools, were a constant part of their lives. Money pools are used by millions in minority populations to save money or access capital when they can’t turn to banks or traditional credit.
How do money pools work? A groups of friends will come together and contribute equal amounts into a common fund, then each group member will take turns borrowing the total sum which is then repaid in equal parts. The individual receiving the funds will commonly use the money to start or grow a business or for personal use. It’s not uncommon to hear about individuals in the East Coast participating in big stakes money pools for $100,000 to start businesses.
Francisco and Luis understand the benefits of money pools and decided to create an infrastructure for this age old practice. eMoneyPool linked this model to a local bank and to users cell phones which allows them to communicate with with the system via text messages. Most importantly, the service now reports payments to the PRBC credit bureau allowing users to establish their credit. eMoneyPool is essentially acting like a bridge to the mainstream financial system for this underserved segment.
eMoneyPool is looking to make a difference in the lives of 51 million underbanked individuals throughout the United States. They were recently invited to the White House to take part in a White House Business Council. eMoneyPool was also recently selected for Seed Spot, a highly respected Phoenix based incubator for social entrepreneurs.
Francisco and Luis have big plans for eMoneyPool in the coming years. The platform has been available for a limited few during the beta testing period. However, they’ll will be releasing the full version of the website January 2013. In the meantime, you can like them on their Facebook page to stay up to date on their progress.
Francisco and Luis’ favorite recipe is a Mexican Mole Chicken, a delicious authentic Mexican dish with lots of sneaky ingredients (just what we love).
Mexican Mole Chicken