We had the good fortune of connecting with Tylisha Summers and we’ve shared our conversation below.
Hi Tylisha, can you walk us through the thought-process of starting your business?
My husband and I found ourselves in over $140K of consumer debt. After becoming debt free we realized there were so many people like us caught in the never ending debt spiral and lacking mainly financial education and/or a plethora of other reasons, preventing them from having a way to improve their finances. However, whether in debt or not, people were still spending money. So we wanted to help people pay off their debt, in a sense without knowing it, as they continued to spend money. And that is why Spendebt was formed.
What should our readers know about your business?
Spendebt helps companies collect payments from their customers every time they swipe their debit card or have a banking transaction. Simply put, when you spend money we automatically take a micropayment or small amount from your account. These micropayments are then collected and sent as a one-time payment to your creditor monthly. We take the thinking out of debt repayments.
We are excited to be helping people get out of the never ending debt spiral and/or achieve their financial goals. We are on a mission to help one million people avoid financial fatalities every time they swipe their debit card or have a banking transaction.
As a bootstrapped company, we have raised more than $350K through business pitch competitions and accelerators. We were selected as the first early stage startup to participate in Mastercard’s Start Path program and are excited about how this relationship will help us scale!
Entrepreneurship is not easy. However we are focused on our why, and by knowing that this company is not about us but for generations to come, we keep showing up daily.
We want to help people, people just like us, with a proven process that we used to achieve our financial goals. We were our very first customers, so we are able to leverage our experiences to cater our platform to meet the needs of those who need it the most.
Any places to eat or things to do that you can share with our readers? If they have a friend visiting town, what are some spots they could take them to?
We would definitely have to visit The Breakfast Klub, Turkey Leg Hut, Kiran’s, El Tiempo, Crave Cupcakes, Dessert Gallery and Fadi’s for a little Mediterranean cuisine. And Chop n Blok is a new west African cuisine inside of Post HTX. Speaking of Post HTX, we can spend all day there from the eateries to the live entertainment on the rooftop…never a dull moment. Speaking of rooftops, let’s stop by the Rooftop Cinema Club for a quick film if the weather is right!
And since my BFF is in town, it’s only right that we stay at The Post Oak and have a full and relaxing spa day to end a great week!
The Shoutout series is all about recognizing that our success and where we are in life is at least somewhat thanks to the efforts, support, mentorship, love and encouragement of others. So is there someone that you want to dedicate your shoutout to?
My co-founder and husband, hands down deserves all the credit for the company. He is the brains behind it and has dedicated his time to helping people first and getting Spendebt to where it is today!