Women’s History Month: Sheena Allen, Founder & CEO, CapWay
- Sheena Allen is the Founder and CEO of CapWay, a digital financial services provider that aims to help those who have been underserved and overlooked by the traditional banking industry.
- On National Women’s History Month, we celebrate American women such as Sheena Allen, a woman leader in the male-dominated banking industry.
- In March, Sheena shared her story and advice for other women entrepreneurs aiming to build a successful business and career.
At CapWay, we celebrate women’s contributions throughout the year. However, Women’s History Month marks a special time for us to recognize the achievements of leading women throughout the world.
As a woman entrepreneur herself, Sheena Allen, CapWay’s Founder and CEO, shared her story and advice on navigating entrepreneurship and building a business. From her journey starting Sheena Allen Apps to discovering the importance of mobile banking in the United States, Sheena Allen has seen much success throughout her entrepreneurial journey.
Sheena Allen’s Path to Entrepreneurship
When did you know you wanted to become an entrepreneur?
My first thought of being an entrepreneur came while in high school. I had a job that I worked in the (basketball) offseason, and even that part-time job let me know that working a 9-5 was not going to be for me. I made money in other ways while in high school, including designing shoes.
What challenges have you faced on your entrepreneurship journey?
I left home right after college. I am from Mississippi and attended a state university about 2 hours from home, so I could easily go home on weekends whenever I wanted. However, with my first tech startup, I moved pretty far away from home to a different state so that I could be in a location that was more startup-friendly. It was a challenge being away from family and friends in the beginning, but I ultimately knew what I was pursuing was much bigger.
Raising funds has also been a challenge. Women raise significantly less money than men, and Black women raise the least of everyone. Data shows that Black women raise less than 1% of VC-backed funding, and I have felt the effect of that.
Allen’s Advice to Women and Aspiring Entrepreneurs
How can women become fiscally savvy and prioritize their financial health?
The short answer is putting ourselves first. Unfortunately, we often prioritize everything and everyone else, and as a result, our financial health fails. We are usually trying to feed a village from an empty plate. We have to put our overall health first-mentally, physically, emotionally, and financially–in order to be our best self for ourselves or anyone else.
Why is it vital for you to help other women learn about finances or access financial resources?
The data doesn’t lie. In business, women receive less funding than men regarding the money needed to start or scale our businesses. Women also make less on the dollar than our male counterparts. Yet, women are responsible or the primary go-to in so many positions when it comes to a situation where money is involved.
Because women are already set up in a system where they receive less than or have to work ten times harder for an equal piece, it is vital to help other women find those resources and climb the financial ladder to where they deserve to be.
What does a financial legacy look like for you?
For me, a financial legacy is when someone has changed the financial future for themselves and those around them. I believe in the saying “never eat alone.” So as I learn more about money and as I am able to grow CapWay to provide more resources and information, I want my financial legacy to be all the lives I impacted by creating financial access and opportunities.
How are you working toward building generational wealth for your family and community?
The saying is that the person who lays the foundation is a risk-taker, and I am definitely a risk-taker! From starting my own tech companies, diversifying my investment portfolio, and starting investment accounts for my nieces and nephews, I have been working towards building generational wealth for myself and providing resources for others.
Can you share one piece of advice to women entrepreneurs?
To my female entrepreneurs, current or aspiring, you are powerful. No matter what, keep going.
Support Women Entrepreneurs
At CapWay, we believe that we can help close the wealth gap by supporting women all year round. Women and girls across the United States deserve to be recognized in American history. This is why the achievements of women across the nation are valuable to us at CapWay.
To support Sheena Allen, and CapWay, check out our bank account services, debit cards, and money content on CapWay’s official website.
What are your questions for Sheena Allen, CEO, and Founder of CapWay? Share them below for Sheena to potentially answer them.