Black Woman Develops Fintech Platform, Raises $6.2m Funding

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This story originally appeared on Black Enterprise

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This entrepreneur is keeping diversity in mind while building her platform.

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Physician Ami Kumordzi developed a fintech platform with no experience and a mission to connect consumers with IRS-compliant merchants, urging people to invest in improving their health.

According to Forbes, the CEO of Sika Health decided not to go into residency and instead did an MBA, after seeing the flaws within the health care system while studying at Stanford University School of Medicine.

“My first job was at BCG as a management consultant working for healthcare clients,” he says, adding that the analytical position helped him identify gaps in the market.

Kumordzi was inspired to launch Sika Health after her mother was laid off from her hotel job during the pandemic.

“Even though I’ve worked in healthcare my entire career, it took me becoming a tax expert to figure out how that [my mother] She can spend this money before she loses it,” she said.

“Nearly 70 million Americans are enrolled in FSA or HSA accounts, contributing approximately $150 billion per year,” Kumordzie said, noting the major loss to consumers from losing their FSA benefits.

“It’s a real tragedy because this is money that people could have invested in improving their health,” Kumordzi said.

“We need more ways to save and tools that help us stretch our dollars,” she said. ,[Using FSA and HSA dollars] Effectively this means you are buying healthcare at a 30% discount on the cost.”

Kumordzie raised $6.2 million in early stage funding.

“The goal was to raise $500,000,” she said. “Within weeks, I exceeded my goal and raised $1.2 million.” Kumordzi later raised $5 million during a seed funding round led by Forerunner Ventures representative Brian O’Malley.

“Having a brand like Forerunner as one of our supporters makes a huge difference when you’re trying to hire,” Kumordzie said. “It makes a big difference when you’re negotiating hiring and trying to convince someone to leave their high-paying stable job to take a risk on an early-stage business.”

Kumordzie credits her non-traditional background for her success in attracting venture capitalists.

The fintech founders wanted to be able to hire great tech professionals and eventually, Sika Health was able to hire the founding engineer of the payments team at ATC.

“Sika is on a mission to ensure customers can spend their HSA/FSA funds on the items they want, hassle-free,” the website wrote.

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