Currently one of the men of the moment and the future, Kingsley Madu is the founder of Expedier, Canada’s only black-led, BIPOC focused Financial institution that is providing services that enable users get local and international bank accounts, Cards, Bill payments, Mortgages and Insurance, all in one app.
In this riveting interview with Stanley Ugagbe of The Nigerian Canadian Newspaper, Canada, Madu shared insight on what inspired him to establish the company, the journey so far and what users should expect in the future.
NCCN: Can you tell us a bit about growing up, personal life and why you left Nigeria?
Madu: Right from early childhood, I have always been a curious adventurer and always attempting to solve big problems. I had always felt I could do more than was asked of me, because I was very small statured as a child. My mantra has always been: If you see a problem, fix it! And if you believe you can, you will.
NCNC: What are some of the childhood experiences that shaped who you are today?
Madu: I remember struggling with learning how to ride a bike. I would fall, bruise, but kept trying. Later on, I met this younger kid, who was a couple years younger than me, and he scolded me for not being able to, since he could (haha). I did not believe him, so I offered him my bike, only for him to ride so graciously, it blew the lid off my mind!. Since that day forward, not only did I begin riding my bike, I also began treating life with that approach. I believe I can, and so I can.
NCNC: You noted that Expedier was borne from your personal experience and pain. Can you share this experience and pain with us and how it influenced you into founding the company?
Madu: When I immigrated to Canada, I had a painful but funny experience now that I look back at it. For the first time, on arrival, my ride hailing app would not work, because the app suddenly required a local Canadian card. So I struggled to leave the airport. When I finally managed to get out of the airport and to my hotel, I was told my reservation would not be honored because I did not have a local Canadian Credit Card. For similar reasons, I could not rent a car or a house. The final straw was when banks would not open an account for me, because, as you can guess, I did not have a home address. I considered leaving Canada at that point. But somehow, I persevered and then turned that painful experience into a solution for millions of users – hence the birth of Expedier.
NCNC: When was the company founded and how would you describe the journey so far?
Madu: I have always been entrepreneurial, having founded 3 startups previously. Expedier, my fourth startup was incorporated in 2020, although I started working on the idea as far back as 2018. The first few years were especially tough, mostly because of systemic barriers. We struggled pretty much with everything. We built and launched Expedier when I had no job. We worked hard, despite all the odds. Today, we are grateful to be seeing the recognition of our hard work.
NCNC: There are over 200 banks and financial institutes in Canada and there are almost 2 million blacks in Canada, but Expedier is the only Black led BIPOC focused digital bank in Canada. How does being the brain behind this record breaking feat make you feel? And for you, are there more to come or this is the one breakthrough that you have always wanted to achieve?
Madu: Great Question! So technically, we are not a bank yet – in the traditional sense of the word. We provide tailored banking services through our banking partners, while at the same applying for our own banking license! Yes, we will soon get our license, and that is the big deal. At the moment, we are Canada’s only black-led, BIPOC focused Financial institution that is providing the kind of services that meets and exceeds our needs as a niche demographic.
With Expedier, users get local and international bank accounts, Cards, Bill payments, Mortgages and Insurance, all in one app. And to your point, for sure, there is more to come! A lot more to come. We have only begun.
NCNC: Expedier was recently recognized as a top 12 Fintech by Platform Calgary, a platform that helps growing fintech startups elevate their business, make connections and scale their operations. How was it, embarking on the intensive six-week workshop series among 24 other companies and how did emerging top 12 make you feel?
Madu: It made us feel humble. Platform Calgary essentially unveiled us from stealth and made the world recognise us. Following that, we got accepted by Google into the Google for Black Funders Accelerator. We are super excited to be backed by Google! Being backed by Google right after Platform Calgary gave us instant validation. But there is more to come, so we remain humble and hungry.
NCNC: As a black person running a business in a foreign land, what are the peculiar challenges you face while doing your business?
Madu: The same personal problems that birthed Expedier, but only on a larger scale. Inclusion. Validation. Access to funds. You will just have to be super strong hearted.
NCNC: Please tell us about what keeps you motivated and focused on your business despite the inevitable odds that come with this line of business, especially as a black person in a foreign land?
Madu: Personally, my joy comes from user reviews, validation and feedback. Hearing how we are solving problems for our customers, in a fashion, scale and ease they never expected, just keeps me going. It’s a bigger blessing to be a blessing.
NCNC: Do you see a possibility of relocating to live in Nigeria someday?
Madu: I am Nigerian and will always be Nigerian. I am super proud of my country.
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