Kendall Flutey – Enterprise Impact Award 2020
On 18th September, 2020, Kendall Flutey became the winner of the Impact Award for Enterprise. Launched in 2019 by the team at Inspiring Stories, The Impact Awards celebrates young New Zealanders making a difference with $25,000 awarded across five categories – climate, enterprise, inclusion, global and wellbeing.
Accountant turned software developer and education entrepreneur, Kendall founded Banqer to help improve the financial literacy and capability for students in schools. The platform lets kids experience and manage personal finances hands on, and has now impacted the lives of over 150,000 Kiwi students, and a further 40,000 in Australia.
On average, Banqer sees a 10% improvement in the financial literacy levels of students that use the platform, which, if this level of improvement was seen across New Zealand as a whole, would add billions to the economy. Kendall and the team at Banqer plan to use the $5,000 to help with expanding internationally, and hopefully helping to reach not just hundreds of thousands of students, but millions of students around the world.
We caught up with Kendall to hear more about their experience of winning and learn about the Impact journey so far - the challenges, strategies and key advise around how to build a movement!
Kendall Flutey, Banqer, takes the 2020 Impact Award for Enterprise
Q: What does receiving an Impact Award mean for you?
A: As an impact driven business we place significant value on the societal change we’re striving to make. To be recognised for the impact we’re having through the Impact Awards is amazing validation not only for me, but for our team, advisors, educators, and students who in some way have committed themselves to the vision of a financially educated future. It’s a really special acknowledgement, unlike any other, that celebrates a relatively new way of working, thinking, and prioritising.
Q: What do you think The Impact Awards means for New Zealand & our emerging leaders?
A: The start of any long journey can often feel the most daunting, but for me is also the stage in which my vision has its most clarity. To have a platform like the Impact Awards that celebrates Aotearoa’s emerging impact leaders is crucial to supporting impact flow and ensuring as many Kiwis as possible continue on their impact journey. Seeing, hearing, and celebrating what can be achieved is an underrated motivator, and can be a source of inspiration and courage - at least for me!
Banqer sees a 10% improvement in the financial literacy levels of students that use the platform!
Q: What’s the biggest challenge you’ve faced on your impact journey, and how did you overcome it?
A: The biggest challenge I’ve faced on my impact journey isn’t one single event, it’s a recurring tension that exists within impact businesses. We’re a for-profit for-purpose business and at times that can feel like a juxtaposition. Ensuring our decisions, behaviours, and sacrifices maintain the balance we need to scale impact sustainably is an everyday balancing act. It’s an additional dimension that makes running an impact business a challenge that I’ve loved trying to rise to.
Q: How have you funded or resourced your idea(s) for impact, and what advice would you have for other people looking to fund or resource theirs?
A: We’re a bootstrapped (never raised external capital) company, so revenue growth has fuelled us for the last five years. Our revenue comes from two places; our amazing partners who share our vision for a financially empowered Aotearoa and Australia (obligatory shoutout to Kiwibank, Netwealth, ICNZ, Jarden, and Equifax), and from schools who purchase our technology. Developing this model has been a real journey over the last five years and we simply could not have done it without the backing of the organisations who believed in us very early (like Kiwibank and Netwealth). I don’t think there’s a one size fits all model to funding, but I’d start with asking; who else could be interested in the future state you’re striving for? Government? Private sector? Impact investors like Greenlight Ventures and New Ground Capital? There are so many avenues to explore, so mapping it and exploring any intersections.
Q: How did you go about getting people onboard with your idea and build a team?
A: I think the key was to share our story widely and see who gravitates towards it. I find that it was quite acute - it either meant something to people or it didn’t. Even today when we’re hiring we like to get a sense for what not only the role means to the individual, but also our impact journey. If we don’t see a spark around the future we’re trying to build then we’d likely go with the person who was passionate about our impact. Having a team who not only like their job, but also care about what we’re doing and are proud of that is a powerful force!
Q: If someone is keen to make an impact but doesn’t know where or how to start – what advice do you have?
A: Firstly, stay confident and true to your vision. For me that was critical in the very early stages. Not everyone will get you/your idea/your vision - and that’s fine. Secondly, talk to good people about it. We have an awesome impact ecosystem in Aotearoa (like the Inspiring Stories crew), and I’ve found most people super generous with their time. They may be able to support you directly, plug some knowledge gaps, or connect you with someone closer to what you’re working on. And then don’t be scared to just make a start!
