Esusu: Save More Money with Your Friends and Family
In cultures around the world families and friends pool their money together into a single pot of money. The process is called esusu, and a new app has adopted the name and making the process easier than ever.
Abbey Wemimo is the co-founder of Esusu. As an immigrant himself, Wemimo's mother practiced esusu and used that financing strategy to send Wemimo to school.
Wemimo explains that the main focus is to create a platform for immigrants and people of color, but of course he would be happy for all Americans to use the platform. Accessibility was a key factor in developing Esusu, which is why Wemimo says the company built a phone-based app.
Vast Bank, a Tulsa-based financial institution that has been serving customers for nearly four decades, says it is the first to provide users ability to buy, sell, and manage cryptocurrencies directly with their bank accounts. Brad Scrivner, CEO of Vast Bank, explains how his bank's platform is making it easy for people to acquire crypto.
Trove, a resale platform and resource for fashion brands like Lululemon, Patagonia, and REI, recently completed a Series D round of fundraising for $75.5 million. CEO Andy Ruben joined Cheddar to discuss the fast growth of the apparel recommerce space (the selling of previously owned clothing) and how his company plans to expand its services. "Resale is the fastest growing sector in retail today," he said. "And this new funding allows us to meet the demand of the number of brands that want to own their secondary market platform."
First American Deputy Chief Economist Odeta Kushi joins Closing Bell to discuss the pros and cons of renting vs. owning your home in the current market. Owning can involve extra costs -- but compared to renting, it's better to own in order to build equity.
