How Kredit Academy Is Finding Success With the Help of Tech for An Equitable Future

Tech for an Equitable Future aims to remove barriers for underrepresented founders by providing their companies 12 months of free access to the Braze platform and supporting services. Previously known as Tech for Black Founders, this initiative was launched in 2020 to help address the finding that only 1% of venture capital funds in the US go to Black founders. Since then, our program has expanded to support other underrepresented founders, including women founders, who garner just 2% of the capital invested in VC-backed startups in the US. As of July 1, 2024, the program provides a total of 29 Black and women-led startups free access to the Braze platform.

A member of our third cohort, Kredit Academy is dedicated to empowering the next generation with robust financial knowledge and skills. To learn more about what they do and what they’ve accomplished with the Tech for an Equitable Future program, we sat down with Mike Gross, COO & Head of Education at Kredit Academy. Join us as we explore how Kredit Academy is shaping the future of financial education and leveraging technology to drive meaningful change.

Can you tell us a little about you and the motivation behind the founding of Kredit Academy?

Kredit Academy was started by our founder Evan Leaphart because he was the ideal customer. After making mistakes with credit in his late teens and early twenties, he spent years trying to recover. While much of the issues arose from his own missteps, part of the problem was he never learned how to use credit wisely. This led to an inability to get loans to start a business or buy a home; two of the most important wealth-building tools in the country. After this, Evan dedicated himself to creating a solution so that the next generation wouldn’t make the same mistakes.

Recently you shifted from “Kiddie Kredit” to “Kredit Academy.” Can you tell us more about why you made that change, and how it has impacted your goals?

While the company initially began as Kiddie Kredit and has since undergone a rebrand and refocus, the long-term vision remains the same: Creating a financially free future for all. We are now Kredit Academy, a financial wellness company with a suite of solutions to serve the next generation. Kredit Academy provides credit education for youth and young adults, prioritizing financial capability over spending. Through its different products, Kredit Academy offers first-time credit users an introductory credit experience through app-based learning, rewards, and a secured credit card.

What inspired you to apply for the Braze Tech for Equitable Future program?

We have long recognized the importance of deeply understanding customer data and engagement, but haven’t always had the resources to manage it effectively. When we were introduced to the Braze platform, it was clear that we had found the right solution. It came equipped with robust features and capabilities, but it was out of our price range. Then finding the Tech for Equitable Future program sealed the deal. The right solution at the right time and the right price.

What were your expectations or hopes in applying to the Tech for Equitable Future program?

Our early expectations were simply to incorporate the functionalities of the Braze platform into our existing app to improve the user experience, engagement metrics, and retention. Additionally, we wanted to be able to do so at a price we could afford.

What did your customer engagement program look like before you joined the program?

Our customer engagement program was conducted manually; scouring Mixpanel for trends and sending out email requests for feedback.

How did your customer engagement program change with Braze? What does it look like now?

Braze has not only made tracking specific data more efficient, it has helped us consider new ways of interacting with our audience. By designing unique campaigns with pre-determined segments and triggers, we are better able to identify user trends, request user feedback, and capitalize on those insights.

How has Braze supported your expansion?

We are still growing into the full use of the platform, but it has allowed us to better understand the friction and sticking points within our app. As we continue to grow, we plan to make better use of the in-app messaging for surveys and incorporate email marketing campaigns to upsell additional services.

What initiative or campaign are you most excited to work on this year?

We are launching Kredit Quest as a standalone platform and the flagship offering of our company. This will be an app of short burst lessons on various financial topics that emphasizes behavior change and positive habit formation. We plan on integrating Braze as our tool to understand customer interactions, nudge them into continued engagement, and celebrate their progress along the way.

As a new Braze customer, what advice would you give to other businesses considering adopting the platform?

The onboarding process can seem overwhelming, but there is ample support and opportunities to learn more about how to effectively leverage the platform. I highly suggest you dedicate both leadership and development hours early on to get things configured and working properly. Our team was spread thin on multiple competing priorities, and we didn’t allocate enough time early on, which ended up delaying our rollout of the platform.

Kredit Academy was chosen by VC judges to receive $1 million at last year’s 43North accelerator competition in Buffalo, NY. Congrats! Tell us more about what this means for your business.

Thanks, we are very excited about winning the world’s largest startup pitch competition. We were also awarded the People’s Choice prize, which was humbling and unexpected. Winning the competition has helped fuel our growth and introduced us to the Buffalo community who have been eager to support our success. We were fortunate to be able to relocate our team to Buffalo, who had been working remotely up to this point. So one of the greatest benefits has been the ability to collaborate much more organically and work together more effectively. All in all, the prize has come with a considerable amount of resources, prestige, and support, but also the pressure to live up to expectations.

To learn more about the program, including qualification criteria and news, check out Tech for an Equitable Future.