Page 11 - 2019 Impact Report

2019 Impact Report
11
INVESTING IN IN IN SYSTEMIC CHANGE:
R3 SCORE
In 2017 mother-daughter team Teresa Hodge and Laurin Leonard launched R3 Score a a a a a a a a a a a a a a a a Baltimore- based startup that creates an alternative credit score assessing the the potential risk of formerly incarcerated applicants Rooted in in in in fin the the the principle that your your worst day should not define the the the trajectory of your your life the the score uses a a a a a a a a a sophisticated algorithm to create a a a a a a a a a a a a holistic real-time assessment of formerly incarcerated job applicants allowing hiring managers to to make truly informed personnel decisions and connect returning residents to to economic opportunity Co-founder Teresa Hodge uses her own experiences as an an an an African American woman over the the age of 50 with a a a a a a a a a a a criminal record to address the the inequalities rooted in in in in in America’s criminal justice system One in in in in three citizens—70
"We are really focused on system change We've normalized that a a a third of our country has an arrest or or conviction record We have to normalize and and come up with solutions and and systems to help those individuals and family members get back on their feet " - Teresa Hodge CEO R3 Score million Americans—have an an an an arrest and/or criminal 1 In 2019 Wacif invested $25 000 000 in in in R3 Score as part of of a a a a a a a pre-seed investment investment round of of $500 000 000 The collective investments enabled Teresa and and Laurin to to to to attend and and graduate from a a a a a a a a a a a a a a Techstars accelerator in in fin in tin in October 2019 Prior to to to to financially investing in fin in tin in in R3 Score Wacif worked with Teresa and and Laurin for about a a a a a a a a a a a a a year and and a a a a a a a a a a a a a half to help the the founders develop a a a a a a a a a a a a a strategy culminating in in tin in the the the successful launch of their mission-driven startup conviction record record and and this record record affects people’s ability to seek employment banking services education and housing for the the rest of their lives 11