Derrius Quarles (M.S. Ed ’18) is the CTO and founder of BREAUX Capital, the first fintech company created to enhance the financial health of black male millenials. BREAUX Capital is a software program that combines community with automation and savings, as well as peer-to-peer investing.
Derrius is a serial entrepreneur: BREAUX Capital is his third company. When he was developing his first company, he realized how difficult it was for him to raise capital, especially with no family or friend resources, despite having shown traction and post-revenue post-capital success. Loaners often told him to obtain capital from his friends and family, and he wondered what factors contributed to why the people in his life didn’t have those resources.
5 out of 10 people could not afford a $1000 emergency if they needed to tomorrow- and that number raises to 7 out of 10 if you’re black. These financial emergencies can be debilitating to families, and Derrius had seen it operate in his own community and life. One factor that contributes to these stats is peer accountability.
Derrius aimed to make financial services and banking more social and transparent. In his financial health and education research here at Penn, he learned that black males are doing the worst in America in terms of financial health. He also learned that you are 30% more likely to complete a goal, such as saving a lump sum of money, if you do it with a friend. Combining these findings, he developed BREAUX Capital’s unique social aspect. By connecting with your friends over the platform, you can hold each other accountable to your savings goals and ensure the financial health of your family and friends.
Derrius advises new student entrepreneurs to remember that “fundraising is not entrepreneurship,” and that you should be prepared to build a company that can survive off its own revenues and doesn’t need outside capital to remain viable.