Increasing Inclusivity in Financial Services: Stephany Kirkpatrick
Stephany Kirkpatrick, founder and CEO of Orum, believes that everyone should have immediate access to their money. As the daughter of an immigrant, Kirkpatrick started her career as a certified financial planner and was an early employee at LearnVest, a personal financial planning company. While at LearnVest, she served as vice president of operations and financial planning until the company was sold to Northwestern Mutual in 2015.
After spending 2018 working on digital strategy at SoulCycle, Kirkpatrick decided to start her own venture. Orum's mission is to increase inclusivity in the financial system by offering the simplest API for fast, reliable payments. She emphasizes that for people in underserved communities, the inability to access money can be debilitating. Faster access to money could help people living paycheck to paycheck avoid overdraft fees and pay their rent on time.
Verify: Quick Bank Account Verification
Last year, Orum introduced Verify, a patented product for bank account verification. Built on top of FedNow and RTP, Verify can determine within 15 seconds if a bank account is open and valid before processing payments. Verify includes all U.S. bank accounts, helping consumers and businesses ensure access to their cash.
“We covered 100% of all U.S. bank accounts,” Kirkpatrick said, aiming to address the need for underserved communities to access their cash quickly and efficiently.
Challenges and Rewards
One of Kirkpatrick's greatest challenges was working with the Federal Reserve to set up payment processing on FedNow. “Meeting criteria for direct access was demanding,” she stated. Organizations must meet the Federal Reserve's rigorous diligence, contracting, and IT testing requirements. This reminded her that product development should not be rushed, even in the fast-paced fintech world.
Support for Female Entrepreneurs
Despite female entrepreneurs being significantly underfunded compared to their male counterparts, Kirkpatrick has raised $82 million from investors like Accel, Bain Capital Ventures, Homebrew, and American Express Ventures. Grateful for the support, she also mentors other female founders, providing them with practical advice on scaling startups and seizing market opportunities.
Kirkpatrick’s journey shows the importance of inclusivity in financial services, aiming to make immediate money access a reality for everyone, especially those in underserved communities.
