In Greater Washington, D.C., several startups have been sprouted which has been bustling the community and even has helped the nation’s capital to become a home of ed-tech revolution. Within these numerous start-ups, there is one successful ed-tech start-up, known as “The Wealth Factory”, which is founded by Angel Rich.
Angel Rich has created an innovative application known as “Credit Stacker”, that would teach the students and young people about entrepreneurship, credit management, personal finance in an engaging and fun way.
The company has designed workforce development and financial literacy education technology games to teach the students. Within two weeks of launch, the application became so popular, that it was downloaded by 200,000 people on their tablets and smartphones, to which Forbes slated Angel Rich to be “The Next Steve Jobs.”
The office of Michelle Obama has labeled the application, Credit Stacker, as the “best financial literacy product in the country”, Department of Education has named it as “best learning game in the country, moreover, JP Morgan Chase has named it as the “best solution in the world for reducing poverty”.
The application was even supported by the US Department of Housing and Urban Development (HUD), in more than 28 cities, the HBCU network, National Baptist Convention and other government agencies as well.
She took part in various competitions such as Black Enterprise Elevator Pitch Competition and Industrial Bank Small Business Regional Competition and won first place for her application. To be concluded, Angel has won more than $50,000 in business grants in total.
Angel Rich is from Washington, DC, raised in the same city and has graduated from Hampton University.
She has also studied at the University of International Business and Economics in Beijing, China. She has won Prudential’s annual National Case competition, by making a marketing plan to reach millennials. In the past, she has also worked for Prudential as a global market research analyst, where she has conducted more than 70 financial behavior modification studies. During this period, she has helped the company to generate more than $6 billion in revenue. Then in 2013, she resigned and started her own company, known as “The Wealth Factory”.
She has always wanted to develop financial literacy ed-tech games that would help in educating and empowering adults and students, and she has finally done it. Angel’s company is so impressive that in 2015, it has been named the ninth-best ed-tech company of 2015, by the National Alliance of Public Charter Schools.
The application, Credit Stacker is available in 40 countries and four different languages and is now approaching towards 1 million downloads. The application is free to download, but the revenue model of the application generates money on the back-end from advertisers. It also earns money from contracts, such as the contacts with the Department of Health and Human Services and D.C. Dept of Insurance, Securities, and Banking. In the future, some of the major financial companies such as Wells Fargo, J.P. Morgan & Chase, NASDAQ, and others would be interested in getting on board with her.
However, the major problem is that in the technology and business sectors, women are still heavily discriminated against and as a result, they do not get equal funds for their companies. It is seen that less than 20% of venture capital dollars go to the companies owned by women, and in the case of Black women, the percentage is even lower.
According to the #ProjectDiane report, in the US, Black women represent only 4% of the total women-led tech startups.
In an interview, Angel said to Forbes, “My competitor raised $75 million. I won best financial product and best learning game. My company raised only $200,000.”
She added, that she would not give up and is determined to make things go further.
She would make it work and has come very far for it!