Why this Black tech founder is being hailed as the ‘next Steve Jobs’

Abu Mubarik April 21, 2021
Angel Rich, The Wealth Factory, Inc. 1776. Image via Forbes

When Angel Rich was only six years old, one of her aspirations was to start a company to teach people financial literacy. She has since realized her childhood dream by creating Credit Stacker, an application that teaches students a wide range of financial plans.

She conceptualized Credit Stacker in 2009 when she was still working with Prudential. While at Prudential, she was credited with overseeing a massive revenue mobilization to the tune of $6 billion but received an underwhelming $30,000 bonus and an offer to pay for an MBA at Wharton. That was when Rich decided to call it quits.

Rich created Credit Stacker in such a way that it is fun to use and has been tested with people from the ages of 4 to 80. The app is also available for free in 40 countries, in four different languages, and has over 200,000 downloads. The app works by using gamification techniques. The app’s module teaches saving, budgeting, credit management, investment car financing, banking, financial aid real estate, entrepreneurship, academic planning, and career preparedness, according to Forbes.

Credit Stacker also stimulates credit reporting and scoring systems to help students understand the judicious use of credit and also allows teachers to create a unique learning experience for individual students.

To further her aim, she co-founded The Wealth Factory Inc to design financial literacy and workforce development education technology games. “Our mission is to provide equal access to quality financial education all across the world,” Rich said in an interview. “We feel as though that anyone who has a dime in their pockets should also have financial literacy to go along with it.”

Forbes described her as the “next Steve Jobs” over her determination to revolutionize financial literacy education as Steve Jobs did in the computer industry. As to cement the Forbes description, she wrote a book detailing why there is a financial gap between Whites and Blacks titled: History of the Black Dollar.

Since creating Credit Stacker, Rich has won several accolades. She was awarded for creating the best financial literacy product in the country by the Office of Michelle Obama. Credit Stacker was also named the best Learning Game in the country by the Department of Education and Wealth Factory was also named the ninth-best ed-tech company of 2015, by the National Alliance of Public Charter Schools.

What is more, the Black tech founder won a $10,000 grant from JPMorgan Chase for being the best solution in the world for reducing poverty, another $10,000 from Industrial Bank, and a further $10,000 as the People’s Choice winner at the 43North business pitch competition.

Despite the recognition she has received so far, funding remains a challenge for her. Multiple reports have suggested that Black businesses receive less than 10 percent of venture funding. “My competitor raised $75 million,” said Rich frustratedly. “I won best financial product and best learning game. My company raised only $200,000.” 

Last Edited by:Mildred Europa Taylor Updated: April 21, 2021


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