#TractionTuesday with Techstars LA: Finli
Finli launches fintech platform that provides financial security for families and streamlines payment processes for schools.
After 16 years in corporate life, Lori Shao left her job as Executive Director at JP Morgan Chase & Co. on April 1st in order to solve a pain point in the payment space, launching Finli. As the mother of two children, she noticed an increase in her own child care expenses and a rise among her friends with relatives contributing to their family expenses. In fact 20% of child-related expenses are paid by people other than parents. With her deep technical experience in payments and compliance, she and her team built a tool to streamline payments for childcare and activities.
While helping families was the original focus, during Techstars Lori learned she could solve an even bigger pain point through supporting schools, small businesses, and educators with a streamlined, automated system that eliminates administrative hassle. The platform is currently in private beta with several schools, and has a waitlist of daycares, after school programs, and other providers who will be onboarded in the next few months.
Finli generates invoices, aggregates contributions, and manages collections for schools. Thus, Finli’s pilot schools save time and money from transaction fees. “With Finli, I no longer assume the role of bill collector and it feels so good,” said After School Director Jennifer Wang from Wushu Unlimited, a martial arts program in Monrovia CA with 120 students.
Finli has also formed a board of top advisors, including the Managing Director of Payments at Silicon Valley Bank, Mark Sievert. In addition, Lori meets daily with two of her most trusted advisors: Her five year old son Ed and four year old son Ryan.
During Techstars, Lori is focused on commercializing her technology and securing partnerships with schools and businesses. Lori knows it takes a village to raise a child, and her mission is to empower families through financial security. You can download Finli on Android and IOS here.
