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Barclays Black Founder Accelerator 2021:
Lenuity
 

 

Lenuity aims to open up a closed section of the economy to help business create jobs, house builders provide homes and give people an opportunity to build wealth.

LENUITY was founded in 2021 by Paul Watts an expert in Owner Financing and author of Seller Finance UK.

Why did you join the Barclays Black Founder Accelerator?

The Barclays Black Founder Accelerator was recommended to me by my mentor/accountant Rashash @ AlexanderRosse, as a black founder of a fintech start up it’s a perfect match. Foundervine understand the unique challenges black founders have to deal with and Barclays is a great springboard for a fintech startup.
 

Why did you want to start your business?

In the crash of 2008 I discovered the power of selling assets and collecting payments in instalments when the banks had stopped lending. Used this knowledge to help myself and then others, eventually in 2011 I wrote the book Seller Finance UK teaching people how to buy and sell assets with finance plans.

In 2020 after the death of Goerge Floyd a lot statistics came out about quantifying investment in black businesses and black home ownership. Homeownership is not just a roof over your head, it is generational wealth, the reason why friends and family have no money to invest.

I knew I could take my knowledge of finance to make affordable housing more affordable and help families to have a good home and build generational wealth.
 

What would be your desired outcome from this programme?

I plan to use the programme to accelerate the growth of Lenuity, I want to be revenue generating and an agreement in place for one of our customers to provide Homely mortgages plans so people who would not have been able to afford a home before can start their journey of home ownership and wealth building.
 

Which entrepreneur inspires you the most and why?

Steve Jobs because he not only did what he loved to do but made it possible for millions of people to do what they love to do whilst making a good living doing it.

I think it is a popular answer because he inspired so many, but when you think of the creatives in desktop publishing, digital art, music and film who’s lives just would not be the same he has an incredible legacy.
 

What has been your biggest win in your entrepreneurial journey?

Discovering that I could build my platform myself with no code tools, without a tech co-founder. Create a product that customers can actually use and it so much better and cheeper than outsourcing.

What has been your biggest challenge?

Overcoming hardship, disappointment, failure and frustration. What did it for me and continues to do it was finding my purpose.
 

Where did you go for business advice and how did it help you?

I went everywhere for advice and yes it did help. That dose not mean I followed it, because often it was confusing and conflicting. It is really important to get good advice but it takes time to be able to understand what is right for you, where you are now, with your resources.

You have to get to know, what you don’t know. Otherwise you can’t tell what is right for you in your position with your resources.
 

What drives you to make your business a success?

I believe everybody has their own gifts and I was born to do what I am doing. I also think I am lucky that I can use my gifts to improve the lives of a lot of people.
 

What advice would you give other founders thinking about starting their own business?

Get as much information and advice from everywhere, then do your own thing. But before you start think!! What have you got to loose? and if that that loss is too much for you, give up now and do something else.

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