Sep 23, 2024

Debbie is putting credit unions on the map – enabling them to attract new, younger clientele By Riley Kaminer Frida Leibowitz and her team at Debbie are on a mission to bring credit unions back into the spotlight – and help consumers along the way. The credit union sector, long overshadowed by traditional banks, is now hungry for innovation. Historically, credit unions have struggled to keep pace with the digital banking wave, often relying on outdated systems and marketing strategies. “They’ve stayed behind on tech,” Leibowitz told Refresh Miami. But this is where Debbie comes in, helping credit unions bridge the gap by offering consumers a seamless, tech-driven experience. Leibowitz emphasized that credit unions are not only consumer-friendly but also frequently offer better rates and more personalized service than many big banks. “Young consumers have no idea how beneficial credit unions can be,” she said. But Debbie is changing that by putting credit unions back in the spotlight and giving them the tools to compete in a digital-first world. For Leibowitz, the goal is to “reward people for reaching financial goals” and give them access to the best financial products through local credit unions. This approach attracts consumers – a major need these institutions have – while also providing credit unions with a way to compete against bigger banks and fintechs. “We want to be the largest marketplace for rewards tied to good financial behavior,” Leibowitz said. Her vision for Debbie is bold, likening it to a blend of Bilt, Noom, and Credit Karma, but with a unique focus on building relationships between consumers and credit unions. So far, Debbie has raised $2.5 million in pre-seed funding. Leibowitz didn’t sugarcoat the challenges of building a fintech company in Miami. She spent the early days of August reflecting on her journey while visiting family in Israel, and her insights into the talent gap in Miami’s tech scene were candid. “We found there’s a huge gap in the talent market,” she told Refresh Miami. While schools like the University of Miami are producing some junior tech talent, finding mid-level hires with the right mix of experience and background has been tough. This talent crunch pushed Debbie to scale its team in New York, where Leibowitz’s co-founder and COO, Rachel Lauren, was already based. Despite the hiring hurdles, Debbie has continued to see significant growth. In 2023, the company pivoted to serve credit unions, enabling Debbie to expand its partner base, reaching seven signed agreements with two more in contracting phases. These partnerships include major names in the fintech world, such as Accord and Achieve, and a landmark distribution deal with America’s Credit Unions (formerly CUNA). “This means we’re now on the map across the U.S.,” Leibowitz said, explaining how America’s Credit Unions will help Debbie access a national audience of credit unions and consumers. Earlier this year, Debbie achieved another milestone, crossing the $1 million mark in contracted revenue, up from the $60,000 they started with at the beginning of the year. Leibowitz attributed this growth to the company’s laser focus on helping credit unions modernize their offerings and engage younger, tech-savvy consumers. Debbie’s mission is clear: to provide credit unions with a platform that incentivizes good financial behavior through rewards. Also this year, Debbie was selected for a high-profile think tank initiative, where they’ll collaborate with 20 credit unions to tackle major societal problems. Leibowitz hopes for this opportunity to significantly expand Debbie’s reach and impact, as they’ll begin piloting their product with six of those credit unions early next year. Leibowitz and her team are now focused on scaling their operations to meet demand. While the current team stands at 10 employees, Leibowitz admits that hiring has become a top priority. “We need more people to handle all of this growth,” she said, noting that the company will soon be posting more open positions. READ MORE IN REFRESH MIAMI: