Do we need a banking app specifically designed for women? Without a doubt, according to Angelyne Larcher, founder of Fea Money. She recounts her own rocky path to financial independence in an interview with finews.com.

Carolina Newton, the operating chief and a board member of Swissfintechladies, conducted this interview

Angelyne Larcher, some people might not like the idea of a banking app focused on the female user. Why do we need Fea Money?

Fea Money is addressing a problem that is real. Women are missing out on opportunities because they fear being rejected or fear to ask the wrong questions. We need to take action, start to fix the gender gap in financial knowledge and access to capital.

Are you talking from experience when you say that women must overcome many obstacles on their way to financial independence?

Being financially independent was always important to me, even when it meant that I had to clean offices to earn my own money. In Kenya, my home country, I had a solid career in hospitality and was always able to provide for me and my daughter.

«Challenges accessing capital»

After meeting my husband, we decided to move to Switzerland, where my degrees had no value. Suddenly, I was a stay-at-home mom, learning German, studying for the Swiss Driving License and cleaning offices at night.

Could you describe the specific challenges that you encountered?

While I did enjoy having more time with my daughter, I did not enjoy not having enough credibility to get the jobs I would have been capable of doing. The challenges involved everything from accessing information about founding businesses, getting access to capital or having the needed Swiss diplomas.

What did you do about it?

I believed to have the potential and relevant skills, but I needed to add credibility to my talents, and I started to do what I do best: Solve problemd from the bottom up.

«Obstacles forced me to look for – or create – solutions

Therefore I did a Swiss apprenticeship at K Kiosk (newsstand) where I earned a degree as Retail Professional with Federal Diploma of Vocational Education and Training (Detailhandelsfachfrau EFZ) and worked for Kiosk and Travelex for many years.

You are a serial entrepreneur and founded the Co-Working Space Lady Boss and Swiss Entrepreneurs Magazine among others. What inspired your to do that?

The difficulties and obstacles that appeared along my way forced me to look for solutions and when they did not exist, I created them. Each one of the businesses were a consequence of the latter, even Fea Money. During my time at Kiosk I founded and ran an e-commerce business for lingerie.

«No platform in Switzerland for entrepreneurs like me»

It was challenging finding channels to promote my business and I realized that Switzerland was missing a platform for entrepreneurs like me. This is when Swiss Entrepreneurs Magazine was born. Thanks to my past experiences of working at Kiosk, I knew how to access distribution channels, print, and produce a magazine.

You didn’t stop there.

No, because running the magazine revealed more issues which especially female entrepreneurs face, such as finding investors for their ventures. Me as well as other women are talented and smart but often have limited financial recourses.

«Despite the potential, investors less likely to stake a bet»

Even though we demonstrate potential, investors are less likely to bet on us. At Lady Boss, I had the pleasure to meet many talented women looking for investors and who needed a platform. Obviously, I had to do something about that too.

What does all that have to do with Fea Money?

At first the idea of Fea Money was focused on offering a platform where female founders could get access to investors. I realized quickly that this was not enough. The problem as to why women have issues to get funded has much deeper roots. Most women are less knowledgeable about the financial market as their male counterparts.

«Without guidance, women run a high risk of wrong business decisions»

As women are less likely to socialize around financial topics, it is more difficult for them to find the information they need. Women also have less access to key mentors to receive advice. In turn, with limited access to guidance, woman may – should they have or receive funds – run a higher risk of making wrong business decisions.

Is the app going to solve all that?

Fea Money is not going to be the only solution to all these problems, but we need to stop complaining and start acting. Fea Money will offer a female centered stage focused on these challenges.

«Lowering the barrier to financial knowledge»

Fea Money will become a save environment for women to support each other in any finance related topic. We want to lower the barrier to financial knowledge and access to capital but also offer a network of like-minded women.

What is Fea Money, in a nutshell?

Fea Money is a female focused financial services and banking app with an included network of women. The network will be supporting each other with the goal to become financially independent. Besides being able to invest your money in 3rd pillar products, you can find help, improve your financial know-how or get funding for your venture. All this while some of the fees earned are reinvested into female+ founded businesses.

Is there anything you would like the audience or women to hear that face the same challenges as you?

Be agile and not static when pursuing a goal. When obstacles get thrown at you, fix them. If they say you cannot get the job because of your qualification, go and get the diploma and keep going until you become so good, that no one will be able to say «no» to you ever again.

Angelyne Larcher has founded multiple start-ups and is the CEO of Fea Money. She emigrated from Kenya to Switzerland in 2003 and juggled parenting, working, and her own business ventures for several years. Larcher has a diploma in advanced studies in fundraising management from ZHAW, a degree in CAS compliance in financial services from the University of St. Gallen HSG, and a banking and banking operations diploma from Cambridge College. She founded The LadyBoss Network, Fundraising4women, and Swiss Entrepreneurs Magazine; Larcher's focus is on supporting and strengthening female entrepreneurs. She founded Fea Money, which works with Hypothekarbank Lenzburg, in 2020.