Jase Wilson, Neighborly's CEO, simply describes his business as "modernizing access to public finance". FinTech Collective is excited to be part of helping Jase and the team tackle an inefficient and opaque $3.8Tn market.
Traditionally, cities use brokers and underwriters to find traditional institutional investors to buy bonds like large banks and financial institutions, explained Wilson. His company, a registered broker itself, has put that search online. It's not just large banks that buy the bonds on Neighborly. It's also people who live in the cities asking for funds. For example, with a Cambridge, Mass. project, residents who live in all five zip codes in the Massachusetts town bought bonds.