Sheena Allen

She is helping people without bank accounts enter the financial system—and go cashless.

New YorkNY 
Money Movers
 Photo Credit: Courtesy subject

Sheena Allen grew up in a one-bank town in rural Mississippi, watching friends and relatives rely on expensive check cashers and payday lenders. Now she’s running a fintech company aiming to help her community--and some of the 32.6 million other underbanked American households--enter the financial mainstream. In 2016, Allen founded app-maker CapWay as part educator, part bank account. It sells financial education materials to colleges and lets individual users check their account balances and receive transaction alerts. Next up is a debit card, which Allen says has generated a waiting list of 10,000 people. Once launched this fall, the card could help CapWay work with a big new potential source of business: digital subscription services and big online sellers--enterprises that take only electronic payments and that want to bring more potential customers into the cashless economy. Allen says she’s currently talking to several “well-known” retailers and online service providers about how CapWay can help them better identify and work with low- and middle-income communities. “They’re either going cashless,” she says, “or they’re realizing that to continue scaling, they’re going to need an audience that has not always had access to plastic.” --Maria Aspan