Introducing Mubarak and BezoMoney
Q: Can you give us a bit of background about BezoMoney?
A: BezoMoney is a digital bank aiming to serve the unbanked and underbanked population, helping them with savings, investments, loans, spending, and sending money. About half of Africa’s population doesn’t have access to banking services, mainly because traditional banks just aren’t targeting them. Their locations are far removed from these communities, and the services they offer are designed for the middle class or the wealthy, not for the majority who are unbanked.
I got the inspiration from my mom, who used to be unbanked herself. I saw the struggles she faced and decided to do something about it. That led me to create BezoMoney—’Bezo’ meaning ‘group’—because one common practice among the unbanked is to use group savings schemes. We’re a team of 25, and we’ve been operating for about two years. We’ve raised $1.3 million in funding from backers like Techstars, Google, and various VC firms in Ghana, the UK, and the US. I was 25 when I started the company, and the journey has been incredible. I’ve learned a ton and I’m excited to share some of that with you all.
Why Techstars Was the Right Fit for BezoMoney
Q: What made you decide to apply to Techstars?
A: To be honest, I’m not the kind of person who applies to a ton of programs. I’m more about being on the ground with my team, actually building stuff. Techstars was only the third program I ever applied to. The reason I went for it was because they were launching in Silicon Valley for the first time, and that caught my attention. I was in New York when I met one of the team members setting up the Silicon Valley program, and they convinced me to apply.
At that time, even though I’d been in the game for a while and had some contacts, I felt like I was missing a strong connection to Silicon Valley. I wanted to build a network there, not just for fundraising but for solid advice and mentorship to help BezoMoney become a unicorn someday. Silicon Valley has been doing this startup thing for so long; they’ve got structures and frameworks that guide you from zero to one million in ARR. I wanted to be part of that, to soak in the ecosystem, meet other founders, and investors, and just build a strong network on the West Coast. Techstars became the perfect foundation for that.
How a Founder Gets in
Q: Can you walk us through the Techstars application process?
A: You start off with an online application. Then you move on to an interview with the Managing Director and some folks from the program. After that, there’s another interview, this time with a board they’ve got set up. I think there were like eight people on that call. Finally, after all that, they made me an offer to join the program.
It’s super competitive. I heard about the number of applications they got and even met some folks who applied but didn’t make it in. I felt super fortunate to be selected, especially when I saw some of the other companies applying that were doing amazing things but didn’t get in. But the whole thing was smooth for me, probably because I wasn’t a total rookie going in. When I started BezoMoney, I didn’t know the ropes, but by the time I was going through these interviews, I’d been through a few things.
Q: Any tips for navigating the Techstars application and interview process?
A: First off, your pitch needs to be on point—clear, crisp, and no beating around the bush. Time is money, and these folks don’t have much to spare listening to you talk. Throw in some cold, hard numbers in your problem statement like, “95% of businesses are losing X amount yearly.” Make it relatable and real quick.
Now, speaking of money, we were already pulling in some revenue and had our MVP sorted before we got into Techstars. Nothing screams ‘this works’ like cash in the bank. If people are willing to part with their money for what you offer, that’s solid validation right there.
And let’s not forget the team, the backbone of your venture. You gotta have an all-star crew that can not only execute the plan but also scale it, maybe even get some funding in the mix. Someone in that bunch, usually the CEO, should know how to charm the investor crowd.
So, if you can tick these boxes—concise pitch, proof of concept through revenue or a solid MVP, and a killer team—you’re in a good place to make your application shine.
What Happens After Being Accepted?
Q: What does the program include after you get accepted?
A: After you’re in, first thing’s first, you’ve gotta move to the city where the program is. For me, that was the Valley. They send over a 20k check to cover your living expenses. There’s also an optional 100k check if you want to take it, and I did. You find a place, pay your bills, and settle in. Then, the program kicks off with an orientation. You meet the other startups and the team, and sometimes there are activities for bonding. We even had this trip to South Alito, which was super cozy and fun.
Q: What are the key features of the program?
A: Mentor Madness. During this period, you get to meet like, 70 mentors in just two weeks. It’s fast-paced and intense, but so worth it. The point is to identify a handful of mentors, about three to five, who you really vibe with. These become your go-to mentors for the entire program. Apart from that, there are regular check-ins with your mentors, maybe once or twice a week, to discuss your progress, get insights, and all that good stuff.
Q: How does the program help you track your progress?
A: You set KPIs for your startup and track them every week. They have to be number-based, ’cause let’s be honest, as founders, we love to talk and sometimes fluff gets in the way. Whether it’s revenue user engagement or something else, those are your focus points. Nothing else matters as much for that period.
Q: How does the program help with product market fit?
A: The program makes you hone in on what real problem you’re solving. Cohort analysis is one tool they use to measure product-market fit in hard numbers. They challenge you, and I mean really challenge you, to be crystal clear about the problem you’re solving and for whom. Then they mix it all with the data analysis you’ve got. It’s a blend of hardcore data and real-world challenges to make sure you’re on the right path.
Q: What else is included in the program?
A: Besides all the nitty-gritty stuff, there are speaker sessions featuring industry leaders. These sessions are a goldmine of firsthand experiences and insights. Also, they help you get your pitch deck on point ’cause there’s a Demo Day at the end. Our Demo Day was pre-recorded, which was cool ’cause gathering everyone in one room these days is tough. All in all, it’s a solid experience that covers a lot of ground.
The Biggest Non-Monetary Benefits from the Program
Q: What were the major benefits you gained from the program besides the funding?
A: Top of the list is finding product-market fit. We used to be all over the place, doing a bit of this and that. The program made us pause and ask, “Hey, what problem are we really solving here?” Once we nailed that, it was like a laser focus from there.
Then, mentor support was huge. I mean, they helped us structure our business, set up KPIs, and OKRs, and put an efficient system in place. We even got some guidance from the hiring department. I was on the hunt for a CTO at that time, and the insights I got were gold.
And let’s not forget about networking. You get introduced to a lot of investors, especially post-Demo Day. It’s like a backstage pass to the investor world. Is that Techstars stamp on your deck? That’s like an all-access pass to credibility. Doors just start swinging open when people see that. So, the benefits were stacked and not just about the cash.
Q: Did you have any aha moments during the program that took you by surprise?
A: Listen, it’s about redefining what product-market fit means, right? It hit me when I was deep in the program. Start small. I mean, YC’s got this saying, “Build things that don’t scale,” and it’s on point. Just find those initial few, like 200 or 300 people, who are your innovators and early adopters. Make them love what you’re doing. Solve their problem so well that they can’t get enough.
And here’s the kicker: once you’ve got those initial fans, go find more people just like them. Because chances are, if these guys love it, there’s a whole bunch more who will too. But you gotta start by asking if there’s a big enough crowd of these folks to begin with. Is this a market that’s worth chasing?
So forget trying to solve a problem for a billion people right off the bat, that’s just burning cash for fun. Nail it for those first 200, and then think about taking over the world. It’s not just about scaling big; it’s about scaling smart.
The Current Pulse of the Company
Q: What’s the current status of your company?
A: We’ve raised 1.3 million bucks and we’re in the middle of buying another company in Ghana. We’re laser-focused on that right now because we’re basically a bank and to operate smoothly, we need a licensed bank in our portfolio. So, sealing this deal is our priority for the next two to three months. Once that’s squared away, trust me, we’re set for some serious, exponential growth.
Currently, the heart of the team is in Ghana. We’ve got advisors and contract peeps in the U.S., along with some consultants. But the core squad, the people really driving this thing, they’re based in Ghana.
Q: What growth channels have worked well for your company?
A: At the start, we tried a few things here and there. Some programs took off and even went viral. But let me tell you, influencer marketing was a game-changer for us. When you’re in the money business, having that stamp of approval from trusted figures is golden. That really hit the mark for us. Another thing, is social media marketing, especially content marketing. Put out good content that offers value, and you’ve got yourself a winner.
Another platform we tried was TikTok. If your business isn’t on TikTok, might as well shut it down, right? I mean, it’s crazy, the kind of reach you get. We toss a video on there and an average of 50,000 views. You’re not seeing that kind of traction anywhere else.
Final Tips
Q: Any final advice for founders thinking about applying to Techstars?
A: First, have your story down pat. I’m talking about a clear, crisp deck. Know who you’re serving and the value you’re bringing to the table. Shoot that deck over to some people, get feedback, refine it, and make it tight.
Second, know what you want from Techstars. I mean, don’t just aim to get in; aim to get something out of it. They’re going to ask you in the interview why you want to be part of the program, so have that answer ready. Once you’re clear on that, focus on your post-Techstars goals. I mean, they even have a clause where you can ask for your equity back if you feel you didn’t get value from the program. So, keep your eye on the prize and hustle.
Last but not least, network like your life depends on it. Whether you’re in Silicon Valley or Timbuktu, use the time to meet as many investors, advisors, and ecosystem players as possible. Trust me, it’ll pay off.