Wealthrive

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  Wealthrive

Inspiration

With over 260,000 immigrants coming to Canada last year, we found opportunity in the $4-billion credit card spending of Canadian newcomers to offer a financial product that makes it easier to invest in their families and themselves.

What it does

We offer a credit card that enables newcomers to direct money to a combination of education (RESPs) and retirement (RRSPs, mutual funds) investment accounts via any combination of:

• round-ups, which takes the change amount from transactions rounded up to the nearest dollar
• nominal amount per transaction
• cashback where the cardholder earns a percentage of eligible spending

Furthermore, to help engage the family in talk about money, we created a mobile app that not only helps adults visualize and summarize their family’s growing savings but also engages their children to earn money for their account and even compete for scholarship while learning about finance.

How we built it

We built the prototype using Figma.

Challenges we ran into

Honing in on the problem statement was a challenge, as it was tricky to distinguish whether we wanted a product that addressed the lack of access to traditional financial products or a product that speaks to the lack of means to contribute and ensuing thoughts that accompany not being able to invest.

Additionally, with team members who do not live in Canada, there was a learning curve to understanding how financial systems and products work differently.

Accomplishments that we're proud of

As an international team, we really delved into the financial products available in Canada, understanding how regulations impact what's available and offered. For some of us, this is our first hackathon(!) and we are proud of what we were able to accomplish in this short amount of time.

What we learned

A lot about finance and the challenges financial institutions face reaching out to marginalized communities—

What's next for Wealthrive

Developing the app!

Please note that we have one figma with multiple flows you can navigate on left-hand side

Built With

• adobe-illustrator
• figma