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FintechNovember 18 2021

Are banks meeting the needs of the ‘passion economy’?

As the passion economy grows and offers people fresh and flexible ways of making money by building businesses around what they love, is the industry ready to offer services to this smaller-sized, but fast-growing segment of the corporate market?
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Are banks meeting the needs of the ‘passion economy’?

When Deborah Ajaja gave birth to her son in 2018, she felt frustrated that the gifts and cards available to announce births often failed to represent her and her new baby’s heritage. While working full time as an advertisement sales executive for a technology company, Ms Ajaja founded Colour Celebrations as a ‘side hustle’ business to fill this gap in the market. 

However, Ms Ajaja would not describe her business as a ‘side hustle’, saying she “really dislikes the term”. Instead, she calls Colour Celebrations, which offers baby milestone cards and luxury gifts for Black and mixed-race families, a “passion project, born out of a personal need”. 

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Liz Lumley is deputy editor at The Banker. She is a global specialist commentator on global financial technology or “fintech”. She has spent 30 years working in the financial technology space, most recently as director at VC Innovations and architect of the Fintech Talents Festival, managing director at Startupbootcamp FinTech London and an editor at financial services and technology newswire, Finextra. She was named Journalist of the Year for Technology and Digital Finance at State Street’s UK Press Awards for 2022.
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