Growing up, Angel Rich has always dreamt of starting a business that teaches people financial literacy. Today, she has turned her childhood dream into a reality by developing Credit Stacker, an app that teaches students a variety of financial strategies.
Angel Rich Innovates Credit Stacker
When she was still working for Prudential in 2009, she came up with the idea for Credit Stacker. She was credited with overseeing a huge $6 billion sales mobilization while at Prudential but received a meager $30,000 bonus and an invitation to pay for an MBA at Wharton. Rich decided to call it quits at that point.
Rich designed Credit Stacker to be enjoyable to use and has had it checked by people ranging in age from 4 to 80. The software is now free to download in 40 countries and four languages, with over 200,000 downloads.
Gamification strategies are used to make the app run. According to Forbes, the app’s module teaches money management, budgeting, credit management, investment car financing, banking, financial aid real estate, entrepreneurship, academic planning, and career preparedness.
Credit Stacker also stimulates credit monitoring and scoring programs to help students understand how to use credit responsibly, as well as allowing teachers to customize learning experiences for individual students.
She co-founded The Wealth Factory Inc to create financial literacy and workforce development education technology games to further her goal. In an interview, Rich said;
“Our goal is to provide fair access to quality financial education around the world. We believe that someone with a dime in their wallet should have some financial literacy to go along with it.”
Rich Celebrated for Her Design
She has been dubbed the “next Steve Jobs” by Forbes because of her commitment to revolutionize financial literacy education in the same way that Steve Jobs revolutionized the computer industry. To back up Forbes’ argument, she wrote a book called History of the Black Dollar that explains why there is a financial divide between whites and blacks.
Rich has earned many awards since founding Credit Stacker. Michelle Obama’s office presented her with an award for developing the best financial literacy product in the world. The Department of Education called Credit Stacker the best learning game in the world, and the National Alliance of Public Charter Schools named Wealth Factory the ninth-best ed-tech business in 2015.
Furthermore, the Black tech entrepreneur was awarded a $10,000 grant by JPMorgan Chase for being the best option in the world for eliminating poverty. And another $10,000 grant by Industrial Bank, and a $10,000 prize as the People’s Choice winner at the 43North company pitch competition.
Despite the accolades she has won so far, she faces financial difficulties. According to several sources, Black companies earn less than 10% of venture capital funding. Rich was annoyed when he heard that his rival had raised $75 million.
“I took home the awards for a best financial product and best educational game. Just $200,000 was earned by my company.”