LOOP INVESTING TECHNOLOGIES CEO CREATES APP

Sean LeDree is the CEO of Loop Investing Technologies and the creator of the okto app, which is meant to provide a solid foundation so individuals can have one place to manage their money while learning at their own pace.
Sean LeDree is the CEO of Loop Investing Technologies and the creator of the okto app, which is meant to provide a solid foundation so individuals can have one place to manage their money while learning at their own pace.

 Loop Investing Technologies CEO creates app

BY TIA CAROL JONES
     Sean LeDree is using his more than 15 years of financial expertise to create access opportunities to those in underserved and underbanked communities.
     LeDree is the CEO of Loop Investing Technologies, and the creator of the okto app, which is meant to help Black and Latinx communities take control of their financial futures.
    LeDree, a product of Roseland, credits Salem Baptist Church with keeping him off the streets as a youth. He said he remembers Roseland being a vibrant community, but said, over time, the landscape of the community changed.
    LeDree said what hit a nerve was seeing pawn shops and currency exchanges in his community, then moving to places in the city where establishments like that weren’t abundantly present.
     Working on Wall Street, LeDree said he saw how finance works and how certain products helped ultra-high net worth families and institutions sustain wealth, but those same products weren’t available in neighborhoods like Roseland.
     “What I wanted to do was [to] be able to provide a platform to even the playing field,” he said. “And ultimately, gentrification should not be the only answer when it benefits those who aren’t [in] our community.”
    LeDree said the app is meant to provide a solid foundation so individuals can have one place to manage their money while learning at their own pace.
    “We make it very easy for people to see how much money they are spending, where is it going. And, being able to see it in real-time and make it as easy and user-friendly as possible. And also, provide that educational piece to where they understand the differences between their needs, their wants and understand they can actually be saving more and learn the basic fundamental concepts of financial education,” he said.
     LeDree said it is important for people to understand how money is generated, how it works and also be able to learn about finances at their own pace. He said the demographic for the app is anyone 18 years and older. He said there is something for everyone, from people who need to view a video to people who navigate easily through social media platforms.
     “At the end of the day, we want people to feel comfortable about the money decisions they are making, but also have the knowledge behind those decisions, as well,” he said.
     LeDree said the app will be available on the Apple App Store in February. He said the beta test of the app, with a select few individuals, give real-time feedback. He said the response so far, has been positive.
     “Because of the way the actual layout, we found that users like it, it’s very friendly, it’s very straightforward. But more importantly, the most positive feedback that we’ve gotten is with our financial health score,” he stated.
    The goal, LeDree said, is to provide a total sense of comfort. “What we tried to do is take a barometer of a someone’s entire financial situation, not just looking at their FICO score, not just looking at how much they have saved up in their 401K, but really be able to rank them amongst their peers, to kind of help them be on the right track.”
     For more information about Loop Investing Technologies, visit www.loopinvesting.com.

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