Abbey Wemimo is an immigrant from Nigeria who became a CEO. Catalyzed by the discrimination his mother experienced through her interactions with the financial system in the US, he co-founded Esusu, a financial technology platform that reports rental data to build tenants’ credit scores. After understanding how people of color were disproportionately impacted financially and health-wise they made it their mission to prevent the pandemic from pushing marginalized communities even further behind the starting line. In light of this Rent Relief Fund was born.
The Rent Relief Fund serves to help renters who have been disproportionately affected by COVID-19 to keep a roof over their heads. Their interactions with landlords also enabled them to grasp how they too were experiencing great difficulties, which led them to engage in a partnership with Kiva, a non-profit, microfinance company that aims to expand financial access to help underserved communities thrive. Landlords pay $2 per property per month but see an average 25% increase in prompt rent payments from tenants keen to build their credit score.
Abbey and his mother left Nigeria with the hopes of a better life. 12 years later he is now running a successful business that empowers the marginalized groups in America. In August, Esusu managed to close $2.3 million in seed extension bringing total capital raised to $4 million from investors. It currently functions across 35 states in the country.
Abbey believes that where you come from, the colour of your skin and your financial identity, or credit score, should not determine where you end up in life. He aims to eliminate the financial and housing discrimination in the United States which has created a huge racial wealth gap. He sees this as a way to break the shackles of systemic inequality in the country. Seeing hopelessness as an enemy of progress, he works towards the day when America will finally treat its citizens as equals.
