Back to BlogAlex Mooradian and his co-founder Michael Bovee teamed up to figure out how to help people in debt better handle unexpected financial crises such as a loss of job or medical emergency. Together they built Resolve, a free platform that creates a custom debt relief plan for users. The platform connects people with an integrated network of reputable and affordable debt relief partners; automation of many steps of the debt relief process makes it more affordable for everyone. Mooradian sat down with the Financial Health Network to share his company’s story.
What inspired you to start this company?
I had my first conference call with my co-founder Michael Bovee in January of 2017. He’d been giving free advice to financially distressed consumers for a decade and I had been researching fintech ideas focused on helping the average American manage daily financial life. I pitched Michael the idea of a software platform that would automate the advice he’d been giving one-on-one over the phone. That’s how Resolve started.
What’s the biggest challenge you’ve faced in starting your company?
Building trust with our users has been the biggest challenge. There are many in this industry who are looking to take advantage of people in financial distress, so many debt relief organizations have a bad reputation. We aim to be the “white knight” of the industry. We offer a fair, and transparent service which differentiates us from our competition
What new innovation in fintech are you most excited about?
I’m most excited about the automation of financial decision-making as I see people each day stressing about what should be simple financial choices. How much insurance should I have? What healthcare plan is right for my family? Was my insurance reimbursement correct? These are all questions a well-designed system can answer with a high degree of accuracy.
What’s one thing you wish you’d known when you started your company?
If you are using your personal phone number for “secret shopper” competitive research, be thoughtful about when and where you give it out. I used my cell phone while researching the debt relief industry early on and now still get telemarketing calls and offers each day as a result. Answering the onslaught of calls continues to be great research, but if I had to do it again I might have used a virtual number instead of giving my personal cell.
What’s the best business advice you’ve ever gotten?
My dear friend, Anna Binder, taught me the gift of feedback – both giving and receiving it. Building a business is a journey that requires teams to stay aligned and to keep constantly improving. I’ve learned that honest and direct feedback, even if sometimes it’s uncomfortable to hear, is the key to efficient and effective teams. Giving good feedback is hard, but I work at it every day and try to encourage everyone around me to do the same.