Female Founders You Should Know: Meet Rukayyat Modupe Kolawole

Candid, personal and authentic conversations with #Female #Founders across the globe going against the grain, challenging the status quo, creating change and impact in different industries.

Meet Rukayyat Modupe Kolawole, Founder- PaceUP Invest; a startup that empowers all women financially and help with wealth building irrespective of their income towards attaining a responsible and sustainable future for themselves and their generations. They provide education, coaching, advisory and investment strategies. 

Who is Rukayyat?

I am a mother, a strong advocate for not only the social inclusion of women but also the financial inclusion of women. I love helping women create wealth as it leads to empowerment. I am highly engaged in helping women take control of their money, finances, investments and lives through education, coaching, and investing to reach their goals. As a black, female founder, I have experienced what it felt like to be left behind and not being invited to the table when it comes to financial industry primarily investing; thus I created my table.

Why did you decide to start PaceUP?

I grew up in a very female empowered community, and I learned the basics of empowering women via money and the power of communities.

Working in the financial sector is still very much male in its structures and systems. As I began speaking with many women, it became apparent that most women are left behind when it comes to investing. Some of the reasons had to do with gaps in financial literacy in women, financial products not tailored to their specific objectives and goals as well as low confidence when it came to investing for their future. They were also keen on having a platform without stereotypes to invest confidently. I could speak to these women, and they felt comfortable speaking with me as I was also one of them in that despite my high level of education and financial literacy; I was still left out of investment decisions till I sought a coach.

I began coaching women to educate them on financial literacy and also build their confidence. I have successfully coached and provided wealth management strategies for many women to become financially independent. My clients ranged from single women to divorcees. One thing that shocked me was how divorced women were often socially excluded in their societies once they got divorced. Widowed women initially took no interest in financial decisions and were not equipped for the terrible situation they later found themselves in.

What drives you?

My daughter! I want her to be proud of me in trying to pave the way for her to be a phenomenal woman as she grows and also to let her know she can achieve anything in this world where no skin colour nor gender constructs can stop her.

Success stories from my clients also drive me as my heart always smiles when I see the changes they have done in their lives. It gives me great satisfaction to see them become financially empowered and go on to achieve their other goals.

I have a client- a mother of 3-who was getting frustrated by her current financial status but was not aware of what she needed for change to occur. Within weeks of the 1st coaching session, she opened an investment account and is more knowledgeable about investing. I was able to work with her to think and create outside of the mental box she has somehow imprisoned herself.

What is your dream about women and wealth, and how do you plan to make it a reality?

I dream that all women become financially empowered and have the option to build their wealth irrespective of their income towards attaining a responsible and sustainable future for themselves and their generations.

PaceUP is making this a reality by the three pillars below, which also encompasses financial education, financial advisory, and investing.

• digitalisation (easy access to personalised investment platform wherever the women are),
• empowerment (making women's lives better to close gender gaps), 
• and diversity (giving same access to women no matter where they came from or their backgrounds)

What kind of partners are you looking for? 

I am looking for partners that share the same vision, mission and value in advancing women’s causes when it comes to financial empowerment and equity. These can be individuals or corporations that see collaborative efforts in driving such narratives. I want partners who know the importance of this work; those that do not need convincing of something they are not interested in as it takes much energy.

I am bracing myself for the long, tough road ahead but I am ready to overcome this with right partnerships. 

What is your relationship and thoughts around wealth? 

I grew up in a family where we had a good relationship with money and got educated on wealth building. My maternal side of the family were generations of entrepreneurs who built that wealth; and passed down the basics of wealth building. 

When we talk about wealth, there is still a considerable gap and disparity in gender and also racial. 

Wealth is more than just being rich. Managing money wisely can help one to become wealthier. Being wealthy means, one has much money, but at the same time, a low amount of debt and low expenses. This allows one to survive for a more extended period. Being wealthy means, one can still survive and manage to live according to ones lifestyle

When you are not wealthy, you cannot survive without active income from your work.

United Nations defines wealth as a ''monetary measure which includes the sum of natural, human and physical assets. Natural capital refers to land, minerals, and forests, while social capital relates to education and skills.''

Hence, the term ''wealth'' can be changed to mean different things depending on where it is used.

To me, money is a tool and form of exchange, and the use of this tool is to build and grow wealth.

With gender and racial wealth gap, we need not to concentrate our cash in slower-growing assets. As BCG identified, preference for money means that women risk losing out on higher-yield opportunities. With nearly 30% of their holdings concentrated in slower-growing assets, women can experience a wealth deficit during their retirement years—a shortage exacerbated by their having a longer average lifespan than men.

We also need to invest in entrepreneurs, especially women and women, of colour, to close the wealth gap that currently exists. For example, in Germany, three-quarters of millionaires which are mostly men, are self-employed/ entrepreneurs.

I am looking forward to helping more women to build wealth via investment and entrepreneurship. 

Rukayyat is looking to connect with Investors (Angels, PE, VCs, Institutional, Family Offices.