Tefari Bailey just scored a major win that puts his credit-building fintech Hutsy on the map. The young entrepreneur took home the People’s Choice Award at the University of Toronto’s Black Founders Network Demo Day.
Bailey’s People’s Choice Award win at the Black Founders Network Demo Day almost didn’t happen. With everything happening in New York related to his Techstars acceptance, the pitch event slipped his mind.
“I wasn’t even going to pitch,” Bailey admitted. “With everything happening in New York, it slipped my mind — I tried to back out, but Efosa called me directly and told me I wasn’t backing out.”
That phone call from BFN founder Efosa KC Obano turned into a winning moment for Bailey and Hutsy.
Hutsy has evolved far beyond its original debit card concept. The company now partners with more than 50 trusted lenders across the United States and 20+ across Canada, connecting borrowers with pre-approved loan offers in seconds.
But Bailey isn’t stopping there. Hutsy’s next evolution focuses on an AI-powered financial assistant designed to help people move from subprime to prime credit status. This “financial co-pilot” represents the company’s most ambitious project yet.
TransUnion data shows Canadian consumer credit balances reached $2.52 trillion in Q2 2025, up 4.4% year-over-year, indicating growing demand for credit solutions.
More than 100 million adults across Canada and the United States struggle with subprime credit scores, according to recent industry data. Experian research shows that over 100 million adult Americans are considered “unscoreable, invisible, or subprime,” limiting their access to affordable credit and financial progress.
“Over 100 million adults across Canada and the U.S. are considered subprime, limiting their access to affordable credit and financial progress,” Bailey explained in his recent LinkedIn post about the Demo Day victory.
Bailey’s journey to fintech success started far from Silicon Valley. The Brock University graduate originally had NBA dreams before pivoting to entrepreneurship.
His background includes experience at TD Canada Trust, where he rose from entry-level teller to financial advisor. This banking experience gave him firsthand insight into the credit challenges many customers face.
Bailey has already proven his entrepreneurial chops. Hutsy previously won both the Black Entrepreneur prize worth $100,000 and the Audience Choice Award at Startupfest 2023, and Bailey appeared on CBC’s Dragon’s Den, securing $500,000 in funding.
Bailey’s success story highlights the growing strength of Canada’s Black entrepreneurship ecosystem. The Black Founders Network has now supported companies that created over $15 million in financial value, with over $4 million raised by network participants.
For borrowers struggling with subprime credit, Hutsy’s evolution from debit card to lending platform to AI assistant represents hope for better financial futures.
