Today, we welcome Blake Wood, co-founder of APAY, to the podcast.
Blake reached out to me back in 2018 to discuss the beginnings of what would become APAY and asking for advice. At that point, Blake and his co-founder, Owen Brady, were still working in the bank and trying to figure out how to build their company. They had a little bit of seed money but were trying to map their path forward to helping people better understand and manage their student loans.
Fast forward to now and APAY was acquired this fall by Ramsey Solutions – Dave Ramsey’s company. It’s a great match for them as Dave has long taught debt management as a solution to wealth creation. It’s an exciting step for them as they move to Tennessee to help bring their APAY app to the entire Ramsey Solutions audience.
In our podcast today we learn about the beginnings of APAY and how they tackled various aspects of getting the company off the ground. APAY became a way for people to better understand their student loans and tackle paying them off in the best possible way. But before they were able to build it, they talked many potential users and even turned ‘know it all skeptics’ into additional subscribers on their waiting list.
Most importantly, we learn about their challenge during the pandemic. The entire business model was turned upside down the minute student loan payments were suspended in March 2020. And when the suspension of payments was extended to January 2022 it put further pressure on the business.
Listen early in the podcast for his mention of his grandmother. Then stick around till the end to hear as we wrap our discussion.
I hope you enjoy this one. Blake and Owen tackled an enormous problem, fought through a completely unforeseen pandemic that could have toppled their business, but they kept grinding through and ended up in a great place for their users, investors and the two of them.
William Bissett is the owner of and an Investment Advisor Representative of Portus Wealth Advisors, a Registered Investment Adviser. Registration does not imply a certain level of skill or training. Opinions expressed on this program do not necessarily reflect those of Portus Wealth Advisors. The topics discussed and opinions given are not intended to address the specific needs of any listener.
Portus Wealth Advisors does not offer legal or tax advice, listeners are encouraged to discuss their financial needs with the appropriate professional regarding your individual circumstance.
Investments described herein may be speculative and may involve a substantial risk of loss. Interests may be offered only to persons who qualify as accredited investors under applicable state and federal regulation or an eligible employee of the management company. There generally is no public market for the Interests. Prospective investors should particularly note that many factors affect performance, including changes in market conditions and interest rates, and other economic, political or financial developments. Past performance is not, and should not be construed as, indicative of future results.
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