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Awaken* newsletter

December 9, 2024

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In this month’s edition of the Awaken* Newsletter, we speak with Kristy Kim, Founder and CEO of TomoCredit, a fintech startup focused on improving access to credit for underserved consumers. By using AI to evaluate real-time cash flow data rather than traditional credit scores, TomoCredit connects consumers with lenders.

Kristy discusses her journey as an immigrant, an Asian female founder, and an entrepreneur working to transform the financial industry. Through her leadership, TomoCredit aims to provide more people with better access to capital and lending opportunities.

Can you start by giving us an overview of your company and what you’re trying to solve?

Kristy Kim: Sure! At TomoCredit, our mission is to bridge the gap between underserved consumers and lenders using AI technology. We are focused on serving individuals who have been left behind by traditional financial systems, especially those without credit scores or with limited credit history.

There are millions of people in the U.S. who are underbanked, and the financial institutions that could potentially help them either don’t have access to their data or don’t understand their risk profile. We leverage AI to evaluate consumers based on their cash flow instead of relying solely on traditional credit scores. This enables us to match these individuals with lenders who are willing to serve them without taking on additional risk. Our platform helps both consumers and lenders—consumers get access to capital, and lenders expand their market in a low-risk way.

What motivated you to start TomoCredit?

As a first-generation immigrant from South Korea, I moved to the U.S. at eleven. In my early twenties, I faced the challenges of building my own credit history. After graduating from UC Berkeley, I worked in investment banking.

Despite having a stable income, I was denied an auto loan five times because I lacked a credit score. This experience highlighted a significant gap in the financial system, where many immigrants, young adults and many other underserved communities are excluded due to the absence of a credit history. After being turned down multiple times, I knew something had to change. I saw that the traditional credit system wasn’t serving millions of people, particularly immigrants, who had the ability to repay but lacked a credit history to prove it.

That experience of being excluded from the financial system really motivated me to find a way to help people like myself access the credit they needed. Determined to address this issue, I founded TomoCredit to provide credit solutions for those who, like me, struggle to access traditional credit avenues.

I wanted to create a system that didn’t rely on traditional credit scores but instead used alternative data, like cash flow, to assess creditworthiness. The idea was to connect underserved consumers to lenders in a way that wouldn’t increase their risk. TomoCredit was born out of this desire to make the financial system more inclusive—so others wouldn’t face the same rejections I did, and would have the chance to access capital and thrive.

As an immigrant founder, have you faced any challenges or biases in fundraising or building relationships with big institutions?

Kristy Kim: Yes, there are definitely challenges that come with being an immigrant founder, and at times, it can feel like an uphill battle. But, interestingly, my background has also played to my advantage.

As an immigrant, I have a unique lens on the problems facing underserved communities. I know firsthand what it’s like to struggle with the traditional credit system. I’ve faced the same barriers that many of our customers face, and that gives me an edge when I’m speaking to financial institutions. I’m able to say, “Look, I know my customers better than anyone else. These people are creditworthy, but they’re being overlooked by the traditional system.”

There is some bias, of course, especially when you’re dealing with legacy institutions, but I think they also recognize that I bring something different to the table—an intimate understanding of the market and the customers they often don’t have access to. Lenders are willing to listen because they know that by partnering with us, they can expand their pool of potential customers without taking on additional risk.

You’ve been in this industry for over five years now. What keeps you motivated despite the challenges you’ve faced?

Kristy Kim: That’s a great question. Honestly, the progress we’ve made keeps me motivated. Every year, I see the interest in our approach growing, and it reinforces that we’re heading in the right direction.

When we first started, it felt like I was an outsider trying to convince traditional financial institutions to embrace an entirely new way of evaluating credit. But now, year after year, we see more and more mainstream players realizing that there’s a huge market for underserved consumers—and that these consumers are creditworthy if we just use the right tools to understand them. It’s exciting to be at the forefront of this change.

For me, it’s not just about building a business—it’s about creating lasting impact. The U.S. consumer credit industry is worth over $4 trillion, and the fact that we are focusing on a largely ignored segment of that market feels like we’re making a real difference. And, of course, as a founder, seeing our technology evolve and improve with time and data is incredibly motivating.

How does your solution differ from other competitors in the market who are also targeting underserved consumers?

Kristy Kim: The key differentiator is that we don’t just rely on traditional credit scores to assess risk.

Our AI model is powered by cash flow data—essentially, we evaluate consumers based on their spending and income patterns, which gives a far more accurate picture of their financial health. Over the past five years, we’ve accumulated a wealth of data that allows us to refine our model, and with every new data point, we get better at underwriting.

Unlike competitors who may be using generic data or building from scratch, we have a more granular understanding of how underserved consumers behave financially. Additionally, the beauty of our system is that we’re not just looking at data from one financial institution—we’re aggregating data from multiple sources. Our customers might have accounts with multiple banks, and that gives us a fuller picture of their financial habits. In comparison, other companies might only have access to data from one bank, which limits their ability to assess risk accurately.

As a founder, what has been the most rewarding part of your journey so far, and what has been the hardest?

Kristy Kim: The most rewarding part has been seeing the validation from both the industry and our customers. When leaders of financial institutions tell me that TomoCredit makes sense, it’s incredibly validating. It’s a feeling of affirmation that, yes, we’re on the right path. But it’s also rewarding to see the real-world impact we’re having on people’s lives. We’ve helped thousands of people access capital who otherwise wouldn’t have had the chance.

On the flip side, the hardest part has been dealing with the mental burden of being a startup founder. When things are going well, it feels like everything is moving at full speed, but when challenges arise—whether it’s fundraising hurdles, market uncertainty, or hiring struggles—the pressure is immense. Unlike larger companies with more resources, startups have less margin for error. It can feel like one wrong move could jeopardize everything, and that can be emotionally exhausting. But it’s in those moments that you really find your resilience, and you learn that, no matter how tough it gets, you have to push forward.

As a seasoned founder, what key lessons from your previous startup experience have you applied to building TomoCredit?

When I launched my first company, I was in my early twenties, full of energy but lacking experience. It was a trial-and-error journey, where I learned a lot, but I quickly realized that having a clear vision and understanding the real impact you want to make is crucial.

Starting TomoCredit was a completely different experience. This time, I approached it with a clear strategy, having learned the importance of tackling a problem that I was personally passionate about. My previous startup experience taught me how to make more strategic decisions, prioritize what matters most, and stay resilient through the inevitable ups and downs of entrepreneurship.

What advice would you give to aspiring founders, particularly those who may be feeling discouraged after a tough year?

Kristy Kim: My advice would be to stay grounded in your purpose and conviction. It’s easy to get distracted by the ups and downs of the startup world, but at the end of the day, your mission should drive you more than the fear of failure or the setbacks you face along the way.

When I first started my company, it wasn’t about just building a business—it was about solving a real problem that I deeply cared about. The passion for the idea needs to be stronger than the fear of failure. Even if things don’t work out the way you hope, you can still be proud knowing that you tried to create something that could have made a real impact.

The most successful founders I know are the ones who are able to maintain a strong sense of purpose, even when it feels like everything is falling apart. If you believe in what you’re doing and are committed to the long-term vision, that will carry you through the hard times.

What are some recent key achievements or milestones that you’re excited to share?

Kristy Kim: Thanks for asking. First, our AI-driven platform continues to help underserved consumers access credit by using cash flow data to connect them with lenders.

We’ve also made significant strides in improving our underwriting capabilities by leveraging years of data to assess creditworthiness more accurately. This year, we paused issuing new credit cards to focus on refining our AI and underwriting technology. While we haven’t issued new cards yet, we’re still accepting customers and offering other financial services. Additionally, our partnerships with larger financial institutions are also growing, with increasing interest from major players. These collaborations are essential to our mission of expanding access to lending for underserved communities.

And lastly, on the team front, we’ve made several key hires, including the former CTO at Experian and the former CEO of LegalZoom. Their expertise in open banking and scaling high-growth companies will help us continue to expand our offerings and further our mission.

Looking ahead, what’s next for TomoCredit?

Kristy Kim: We’re expanding our offering, bringing more lenders into the network, and continuing to refine our AI technology to provide better risk assessments.

We’ve been growing the B2B side of our business over the last year, and we’re seeing significant interest from bigger players in the financial sector. We’re also planning to expand our product offerings to include more types of loans, like auto loans and mortgages, to help more customers get the access they need.

We’re also actively hiring, which is very exciting for us. We’re looking for a talented marketing person to help us build our brand and spread the word about what we’re doing. Our mission is to make financial access easier for everyone, and we’re excited to continue growing and impacting even more lives.

Kristy Kim’s journey proves that determination, a clear vision, and a deep understanding of your market can break through even the toughest barriers. At TomoCredit, she’s not just building a company; she’s seeking to reshape how credit is accessed, especially for those often left behind by traditional systems. Stay tuned for more updates on TomoCredit’s journey, and learn how they’re challenging the status quo while creating new opportunities for underserved communities.

Author: Donna Yu

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Stories

Chinese American Writer Celebrates Family Bonds and Cultural Heritage in New Book About Dim Sum

In a time when the world seemed to close its doors, Los Angeles native and talented writer Kesia Eng found her inspiration for her  delightful children’s book titled “Baby Bao at Dim Sum.”

Kesia shares with Asian Hustle Network her motivation and experiences behind this captivating story that captures the essence of family bonds and the rich cultural heritage of East Asian cuisine.

Growing up, Kesia cherished her visits to dim sum restaurants with her family. The savory aroma, the clinking of chopsticks, and the joy of feasting on delicious food became the backdrop of countless treasured memories.

Dim sum not only brought her family together but also offered a window into her Chinese heritage, teaching her the values of respect, care, and love for others. Ultimately, these shaped her identity and inspired her to write this book.

The pandemic threatened to rob younger generations of the invaluable experiences Kesia cherished, making her determined to pass on the cultural significance of dim sum to kids and share it with others.

In her debut children’s book, “Baby Bao at Dim Sum,” Kesia beautifully weaves a tale that explores the importance of family, selflessness, and the joy of bonding over a delicious meal. This book serves as a tool for parents and children to read together, sparking meaningful conversations about the values embedded in East Asian culture.

Join us as we delve into the story behind “Baby Bao at Dim Sum” through an exclusive interview with Kesia Eng.

Dim sum helped me better understand and appreciate my parents and our Chinese culture. I think I can speak for many American kids who have immigrant parents: There aren’t a lot of things in common between our upbringing and theirs. But food is our shared connection.

Kesia Eng

KESIA’S INSPIRATION FOR WRITING “BABY BAO AT DIM SUM”

As with most recent creative endeavors, the idea for the book sprouted during the pandemic. Everything was closed. Schools were shut down. Sports games were canceled. Even my favorite Target store started closing at 8 p.m. The world truly was ending. But the most devastating thing? My beloved dim sum restaurants have stopped indoor dining.

I know it didn’t seem significant. There’s plenty of other food. Plus, we can still get takeout. But I grew up coming to these restaurants with my family. Going there was a real treat as a kid – taking in the savory aroma that fills the air, hearing the excited chatter and clinking of chopsticks all around you, and of course, feasting on all the varieties of delicious food. Every time I came back from college for the weekend, my parents would take me to eat dim sum – it was a huge part of our everyday life.

Most importantly, dim sum helped me better understand and appreciate my parents and our Chinese culture. I think I can speak for many American kids who have immigrant parents: There aren’t a lot of things in common between our upbringing and theirs. But food is our shared connection. Food isn’t just something you eat. When you look closely, the experience of dim sum is filled with the values of East Asian culture:

  • pouring tea for the oldest person at the table first, and your own cup last
  • serving food to others before yourself
  • keeping an eye on everyone’s cup so you can refill it for them
  • fighting to pay for the check (and never backing down, even if you have to chase down the waiter and force your Visa card into their hands) 
  • and so on

All of the above embody community-oriented respect, care, and love for others. It’s how my parents showed how deeply they loved our family, even through the mundane act of eating at a restaurant. When my mom saves the biggest and best dumpling for me, or when my dad reaches across the table to fill my teacup first, I know it’s because they love me. And it’s a way for me to show my love in return – pouring their tea first, giving the best dim sum piece to them, (and yes, now that I’m a post-grad adult, literally fighting to pay that check). It’s not just nostalgia – dim sum is an essential part of my heritage, shaping how I’ve grown up, who I am, and who I want to become.

With COVID, it seemed like the pandemic would take these valuable moments away from younger generations. To be honest, it made me sad because I didn’t want them to grow up without having that experience, and thus a practical understanding of their cultural background. It’s a learning moment I want to pass on to kids and share with other people too.

“BABY BAO IS ME”

Part of the reason why I chose to focus on the theme of family and selflessness is in reaction to a lot of Asian American stories today that center on the difficult relationships that kids have with their immigrant parents.

I think the current popular narrative sometimes pushes this idea of hyperindividualism; that it’s all about the self and what the self wants. I totally understand the heart behind where that narrative/story comes from but sometimes it can demonize our parents for being hateful because they don’t agree with everything we say or do what we expect. Granted, nobody is perfect. But I think it’s important to have empathy towards our parents who grew up in a different environment than we did. We can try to put ourselves in their shoes, imagine the upbringing they had, the hardships they went through, etc.

And to be honest, I wrote it because of my own revelation. Baby Bao is me. I wrote Baby Bao as myself because I definitely was not a self-sacrificial loving kid growing up. It wasn’t until college that I realized I had taken their love and care for granted. I think it’s easy for us to be selfish and maybe not consider what our parents would appreciate or how they care for us. They do love us, but maybe it isn’t expressed in the exact fashion we expect it to be. 

FULL CREATIVE CONTROL AS A SELF-PUBLISHER

I knew the route of traditional publishing was long and a bit arduous. I felt like there were many gatekeepers and I didn’t want the flow/speed of my project to be hindered because of it.

It kinda goes like this: after you do your due diligence on finding the appropriate literary agent, you have to keep cold-emailing them about your manuscript, hoping they’d want to support you and your book. And finally landing a literary agent could range from a few months to a few years. They’re the best resource to connect you to a traditional publisher who would get your book published. 

But why wait for someone to give me the green light when I could just get my book out directly to the audience? I like to think I have an entrepreneurial spirit , because when I really believe in something, I don’t want to wait for someone to give me approval to do it. I just want to go for it. So I decided to self-publish my idea.

I think what’s truly unique about this book is that the illustrations are not 2D animated artwork that’s common in picture books. I can’t draw to save my life and I didn’t have enough funds to hire an illustrator, so I brainstormed ways to figure out how I was going to make the visual part of the story come to life.

While rummaging through my bookshelf, I found an old book my parents bought when I was young, that taught simple Chinese words. The front cover looked so interesting to me – it was a claymation of a girl. That basically spawned the idea of using claymation/”stop-motion” as the illustrations of the book.

I made all the sets, characters, and mini items by hand with lots of construction paper, cardboard, and other materials. I then taught myself product lighting, photography, and photo editing. I also run all the social media accounts. And this is in addition to writing the story myself, so it was truly a one-woman production.

Fun fact: I gave my book to Netflix Bling Empire’s Christine Chiu!

WHAT KESIA HOPES THAT READERS WILL TAKE AWAY

If I can narrow it down to just 3 takeaways I hope parents and children get out of this book, it’s that (1) family is important (2) loving others often requires self-sacrifice but is definitely worth it and (3) dim sum is an avenue we can use to love and cherish our families more!

I wanted parents and their children to think deeply about the message together. And that desire played a huge part in why I decided to deliver that through the form of a children’s book. I think the nature of children’s books often necessitates parent-child bonding because parents often read to their kids who aren’t strong independent readers yet.

So the book, “Baby Bao at Dim Sum” is a great opportunity for parents to bond with their cute kiddos just by reading it together. It also leads parents to talk through the story more with their children by mentioning the cultural values of it, going over the universal value of family, and asking them insightful questions about what they learned or what they noticed. 

DIVERSITY AND REPRESENTATION IN CHILDREN’S LITERATURE

I’m seeing a lot of great Asian American children’s books recently and I envision “Baby Bao at Dim Sum” adding depth to the representation of the Asian American experience in children’s literature.

The book shows that parents and/or family relatives ought to be given importance as well.

Additionally, the book does a great job showing and not just telling how the cultural values common in East Asian culture (community-oriented respect, care, and love for others) are embedded into the subtle actions (pouring tea for the oldest person at the table first and your own cup last, serving food to others before yourself, and keeping an eye on everyone’s cup so you can refill it for them) during a traditional Chinese meal.

Representation is showing the authentic experience of something, and I think showing chicken feet, regardless of people’s initial reaction to it, is an important unfiltered experience of dim sum. So I made it a mission for myself to include the chicken feet dish in my children’s book (right on the first page) because it’s an iconic Chinese cultural food. I think just because it’s different from what most people outside of the culture may see, it doesn’t make it weird or gross. Walk into a dim sum restaurant and you see it on the tables of so many diners.

I hope the story is an easy and welcoming way for people unfamiliar with East Asian culture, to learn about it and get a glimpse of what really goes on during an authentic Chinese meal of dim sum. Additionally, I think it’s a perfect book for East Asian families to personally connect with those experiences and pass them down to younger generations. 

It really warms my heart to see so many parents message me that their little ones love the book, want to read it every night with them, or want to eat dim sum because of it. Seeing those comments and messages never gets old!

UPCOMING PROJECTS

I drafted several storylines for the next potential “Baby Bao” adventure, and have whittled it down to two options. I can’t reveal when this project is going to be done just yet, but it’s in the works! Many of my readers have expressed that they’d love to see more of Baby Bao, so I’m happy to continue working on more stories with him as the protagonist.

In terms of other work, I’m actually in the process of finalizing a manuscript for my next writing project: a satirical poetry book about early adulthood! I enjoy comedy and I enjoy satire, so of course, I had to try writing with that flair. The book is a witty take on young adult life and pokes fun at relatable moments we experience in careers, friendships, and love. Final touches are being added. Release date TBA but aiming for before this fall season. 

Readers can expect that I’ll be pursuing different writing projects because I want to build upon my writing skills and flex my creative muscle. I think I have a knack for knowing my audience well and crafting stories that are relatable to all of us on a human level. So I’m really excited to continue exploring various story ideas and styles of writing to see what I’m the best at and produce work that my readers would love.

CONNECT WITH KESIA / BABY BAO AT DIM SUM

Instagram: @babybaoatdimsum

Tiktok: @babybaoatdimsum

Amazon: BUY HERE

Email: babybaoatdimsum@gmail.com

Website: kesiaeng.com

  • 11 min read
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21-Year Old Who Had Motor Skill Challenges Breaks Record as World’s Fastest Rubik’s Cube Solver

Max Park, a 21-year-old Korean-American from Cerritos, California who lacked fine motor skills, as a symptom of his autism, emerged as the world’s fastest Rubik’s cube solver, setting a new world record of solving the cube in just 3.13 seconds.

According to NPR, Max faced motor skill difficulties during his preteen years as a result of autism, making even simple tasks like unscrewing a water bottle cap a challenge for him. Now, Max can solve a Rubik’s cube faster than most people can read a sentence.

During a recent competition in Southern California on June 11th, Max astounded the speedcubing community by setting a new world record for the fastest 3x3x3 Rubik’s cube time, clocking in at a mind-boggling 3.13 seconds. Matthew Dickman, the senior delegate for the United States and Canada at the World Cube Association, described Max’s achievement as the “holy grail of records.”

Max’s journey began at the age of 9 when he developed an interest in the Rubik’s cube. His mother, Miki, took the initiative to learn how to solve it herself through YouTube tutorials. Within a mere couple of days, Max solved the puzzle effortlessly. This newfound passion for cubing led him to participate in his first speedcube competition in downtown Los Angeles at the age of 10.

Image Source: Guinness World Record

The popularity of speedcubing has surged in recent years, with over a dozen competitions held worldwide each weekend and a registered base of over 140,000 cubers from 140 countries. These events encompass various challenges, ranging from blindfolded solves to one-handed techniques.

However, the original 3x3x3 cube remains the centerpiece of the sport, attracting the most skilled competitors who have mastered hundreds of algorithms to conquer the puzzle. The speedcubing scene has become increasingly competitive, with participants continually pushing the limits, often beating their rivals by mere fractions of a second.

Schwan, Max’s father, said that his success gives a sense of hope for the parents too, that their child can find something they’re passionate about and it will help give them a sense of purpose.

As Max continues to break barriers, his impact extends far beyond solving a puzzle. His achievements serve as a symbol of determination, resilience, and the boundless potential that lies within each of us.

Featured Image Source: NPR

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Indian Immigrant Uncovers South Asian Stories Through Media Platform

Founded by Snigdha Sur in 2019, the Juggernaut is a subscription-based website that breathes life into forgotten histories and brings depth to current topics.

Sur was born in India and immigrated to the United States with her parents in 1990. Growing up in the Bronx and Queens, she experienced firsthand the lack of media outlets catering to South Asians of her generation. This led her to create a platform that would bridge the gap and provide authentic representation.

Sur’s journey towards launching the Juggernaut was marked by exceptional academic achievements and valuable professional experiences. After completing her undergraduate studies at Yale University, she embarked on a career in management consulting, working at prestigious firms like McKinsey & Company. She then pursued an MBA at Harvard Business School, where she honed her strategic acumen and entrepreneurial spirit.

Juggernaut’s mission is to uncover compelling stories that frequently go overlooked. The platform quickly gained traction, capturing the attention of a diverse audience eager for meaningful storytelling. 

Sur faced her fair share of challenges along the way. During the COVID-19 pandemic, Sur adeptly adapted the platform’s focus, demonstrating resilience and a commitment to delivering the content that resonates most with the Juggernaut’s audience.

Looking ahead, Sur envisions a future where the Juggernaut becomes a household name, synonymous with South Asian storytelling and expertise. Drawing inspiration from successful media ventures like the New York Times and the Athletic, Sur envisions a platform that collaborates with major productions, offers narrative consultation, and produces compelling content across various mediums. 

Featured Image Source: The Guardian

  • 2 min read
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News

TikTok Invests Billions to Drive E-Commerce Success in Southeast Asia

TikTok, the popular short video app owned by ByteDance, has announced plans to invest billions of dollars in Southeast Asia in a bid to boost its e-commerce business.

The move comes as TikTok aims to capitalize on its large user base in the region and address concerns over data security. With a collective population of 630 million, half of whom are under 30 years old, Southeast Asia represents a key market for TikTok, attracting over 325 million monthly visitors to the app.

Despite its impressive user numbers, TikTok has struggled to convert its popularity into significant e-commerce revenue in Southeast Asia, facing tough competition from established players such as Shopee, Lazada, and Tokopedia.

To address this challenge, TikTok CEO Shou Zi Chew revealed the company’s plans to invest billions of dollars in Indonesia and the broader Southeast Asian region over the next few years. While a detailed breakdown of the investment plan was not provided, TikTok intends to focus on training, advertising, and supporting small vendors interested in joining its e-commerce platform, TikTok Shop.

Chew emphasized that TikTok’s content is becoming more diverse as the platform expands beyond advertising into e-commerce. This evolution enables consumers to make purchases directly through the app during live streams. In Indonesia, TikTok’s largest market in Southeast Asia, the platform already hosts 2 million small vendors selling their products. The region’s e-commerce transactions reached nearly $100 billion in 2022, with Indonesia alone accounting for $52 billion of that figure, according to Reuters.

While Southeast Asian governments have not imposed major bans on government devices, TikTok has faced scrutiny regarding its content. In 2018, Indonesia briefly banned the app due to concerns over inappropriate content, while Vietnam has expressed concerns about the platform’s impact on local culture and tradition.

Despite the challenges posed by established competitors and data security concerns, TikTok remains committed to expanding its presence in Southeast Asia and tapping into the region’s vibrant e-commerce market.

Featured Image Source: CNN

  • 2 min read