Fintech rising star Ashley D. Bell talks black entrepreneurship and building generational wealth
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If fintech CEO Ashley D. Bell isn’t on your radar, let us connect you with one of the fastest rising stars in the financial industry, recently named by AfroTech as a “Changemaker” on its “Future 50” list for 2023.
Ashley is a Georgia-based corporate finance attorney, policy advisor, and founder and CEO of Ready Life, the Black-owned fintech startup pioneering a new path to home ownership without a credit score. He also heads Redemption Holding Co., the black-led investment group that is preparing to buy Utah-based non-minority-owned Holladay Bank & Trust, a move he believes could revive black entrepreneurship and investment by focusing less on the transactional nature of banking and more about the community building potential.
Shine My Crown had the opportunity to learn more about Ashley and his work. Read on to learn more!
1) Talk to us about what led you to merge the two fields of finance and politics. What was the inspiration?
I think it’s fair to say that I work to bring innovation to both. Our financial system has let too many outsiders in, and our public policies have been too focused on fixing failed systems. We need to create a safe place to test, try and take to market the boldest ideas to solve the oldest problems.
2) Why is diversity, equity and inclusion so important when it comes to homeownership for people of color?
Historically, inequality and discrimination have prevailed as a practice in the United States. As a result, many people of color have been excluded and not given equal access to homeownership opportunities. These long-term systemic biases have produced a range of disparities – including significant disparities in wealth and home ownership.
Even in 2023, black families still have to whitewash their homes to get higher rates. Blacks are also denied mortgages at an 84% higher interest rate than whites and 45% of blacks have subprime credit scores (as opposed to 18.3% of their white peers).
But there is good news, and that is that we live in an age where technology can be used as a tool to increase access – and that is what we do at Ready Life. We help level the playing field by pioneering the path to home ownership with no credit score. We focus on the factors that really matter when it comes to home ownership because we believe that a person is more than a credit score.
3) What (if any) differences have you noticed in terms of black entrepreneurship and investment?
I always say that credit is like water; and where water flows, things grow. Businesses grow. Community grows. And in communities where there is a lack of capital, it becomes difficult to scale and grow. I have the honor of serving as a co-founder and advisor to the National Black Bank Foundation, and I am a fierce advocate for Black Banks because they serve as a conduit for credit and business growth in underserved communities.
4) What exciting events can you share about your work with Ready Life?
Ready Life is an incredible fintech with an amazing team of recognized changemakers as advisors and employees who are truly committed to innovating to provide financial services that equip individuals with the power to improve their lives. I co-founded Ready Life with my dear friend, Dr. Bernice A. King—the daughter of Coretta Scott and Dr. Martin Luther King, Jr., and we have been able to create a platform that helps individuals qualify themselves for a mortgage. without a credit rating. Why? Because we believe the credit scoring system is broken and does not serve all families. We believe that a family with a proven history of paying their rent on time will pay their mortgage the same way.
As a fintech, we use technology to drive lending based on factors that really matter. Ready Pay customers use their Ready Pay debit card for rent and day-to-day expenses, and we can use real-time financial data – such as on-time rent payments and cash flow – as a basis for their ability to pay, not a three-digit credit score. We believe this makes both economic and common sense.
5) What does the future hold for you? Where do you see yourself and Ready Life in the next ten years?
Ready Life has just begun. We believe that our work has the potential to change the lives of millions, affect industry-wide change, and create a solid path to not only home ownership, but wealth for generations to come. We invite people to join us on the journey at ReadyLife.com.
6) What advice would you give to someone who wants to follow in your footsteps?
Pursue what you are passionate about and stay true to your convictions while being open to new ways to achieve your goals. There is no easy way. You have to work hard, but it’s worth it.
