Founder Spotlight: Meet David Fisayo
Tell us a bit about your background
I grew up in between the UK, USA and Nigeria. I was fortunate to experience and interact with many different cultures in my early years, which have shaped my perspective and the person I am today. Following a Business & Finance degree from Durham University in 2012, I spent nearly 8 years in management consulting at KPMG, where I specialised in customer and digital proposition design for Financial Service Companies. This is where I developed a strong interest in fintech & digital innovation within the finance space. I am now the Co-Founder and COO here at Wealth8. I am also a Director of a social enterprise called Foundervine, which I built whilst working at KPMG.
What is Foundervine?
Foundervine is a non-profit specialising in start-up and scale-up acceleration programs for underrepresented founders. Our mission is to remove the social barriers to entrepreneurship. Since 2018, we have helped over 2,000 diverse future leaders create and sustain entrepreneurial ventures; we have given birth to 100 start-ups and accelerated 40 start-ups. We started this because we were frustrated by the lack of diversity in the technology and start-up ecosystem; only 1 in 9 senior leaders in London’s tech scene come from a BAME background, London’s BAME population is about 40%. Also, less than 1% of VC funding goes to women or black minority founders. It’s this opportunity gap that guides our mission.
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What are you most passionate about as an entrepreneur?
Supporting underserved communities and using digital innovation to deliver positive social impact. Whilst apps like Uber may seem transformational, they only provide a new way to do something old and which was already accessible, I believe that innovation needs to go beyond this and provide opportunities for people to do something that was previously inaccessible; for me, this is true innovation. My goal is to build a product that positively impacts the life of (at least) a million people.
Why did you start Wealth8?
The traditional wealth management services do not actively cater to my generation. I initially thought that wealth was for older people or something to plan for retirement. It did not occur to me that I could achieve financial independence at a young age if I wanted to. It took a couple of years (after I graduated) before I fully appreciated the value of saving or investing, as well as the tools and options available to me for doing so. Even after I had done some research into wealth management, I was put off by the high level of fees charged by traditional wealth managers. Being a fintech enthusiast, I felt that the wealth management space was ripe for the disruption that has been experienced in other aspects of the financial services sector. Following a few conversations with Bimpe, who had the vision to use technology to democratise access to generational wealth creation, we decided to work together on a digital wealth platform. It seemed only natural to develop a digital platform with a strong bias for people of African heritage, both in the diaspora and on the continent, as we recognised that we are overlooked and underserved by traditional wealth managers. I recognise that my generation are the gatekeepers of the future and need to be financially equipped to create a more dynamic and equitable society. We are committed to changing the narrative of wealth for future generations within our community.
How do you currently manage your savings and investment?
I currently use an existing digital platform to save and make direct investments in the stock market. However, I feel that the services currently available do not go far enough in addressing the nuance of my profile as a millennial of African heritage; this will be a distinguishing factor of the Wealth8 platform when it is launched later this year.
Who gives you the best advice?
I learn a lot from podcasts. It may not always come in the form of official advice, however, through these conversations I discover the most impactful nuggets of information and learnings. I love hearing the journeys that a start-up has been on, and also listening to ecosystem enthusiasts (particularly fintech). A few of my personal favourites are “11:FS Fintech Insider, How I Built This with Guy Raz and Product Hunt Radio.”
What’s your advice for millennial investors?
You don’t need to put all your money in at once or have a large amount to start! Invest a little each month, a small investment is better than no investment.
Remember, there are low-risk options available to suit your needs.
Bear in mind your invested money isn’t locked away. Although it’s best to invest over the long-term, if you need your money sooner you can access it.
Finally, just get started. There’s never a perfect time to start investing and it’s never too late. We spend most of our lives working hard for our money, we should make the most of it!
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What keeps you busy outside of work?
I am big fitness enthusiast and advocate of mental wellbeing. Investing in yourself. It’s the best investment you can make. I love running, cycling and yoga. These daily routines are my foundations. I occasionally dabble in boxing and had a short-lived white-collar boxing career. Although, I am a defeated boxer who is still looking for his first win; let’s just say I will not be challenging Anthony Joshua anytime soon…!