Impak Finance is innovating banking tools with a social purpose

Did you know that finance could be purposeful, and that soon you could open a bank account in a cryptocurrency that allows you to make a difference in this world? On the eve of its official launch, Paul Allard, CEO of Impak Finance told us all about the impak coin (MPK) and how it would change the relationship that bank users have with finance.

Indeed, when we think of finance and banking in general, we usually picture profit-driven tycoons, speculating over stocks, options and other tools with the general public being somehow exploited eventually. But have you ever heard of the impact economy? This alternative way of doing business is actually a new market force that strives to achieve an intimate connection between profit and purpose.

A new conception of finance

paul_allard_impakfinance_4x5_200dpiImpak Finance is a new Montreal startup that positions itself right in this context. As explained by Paul Allard, the mission statement is clear:

“In the context of extreme financial deregulation, we want to remodernize people’s experience of economy.”

Through this innovative and disruptive approach, Impak Finance wants people to understand what banks do with their money with transparency and social consciousness, and change the way people experience their relationship with money.

Impak coins

When we hear the term “cryptocurrency” we think of bitcoins, and we have a vague understanding that it is related to blockchain but we usually see these new fintech tools as suspicious because of the absence of regulation. Well, impak coins (MPK) aim at being the first cryptocurrency not only in Quebec but worldwide, that is created by the book with full transparency.

blockchain

It will have the assets of other cryptocurrencies –the ability to transfer money with no fees, but it will have a key differentiating aspect – its stability. It will only be tradable on a permissioned market managed by impak Finance, not on other digital asset exchanges.

Every transaction involving an impact-driven company will be rewarded and MPKs will only be usable at specific businesses that are part of the impact economy – for example, eating at Panthere Verte vegan restaurants, using Teo-Taxi vehicles, drinking Rise Kombucha beverages.

impak.eco

To structure transactions, an online ecosystem will be launched at the end of 2017, with the perspective that it becomes eventually an online bank. Anyone will be able to buy MPK on this platform, to use their money sustainably. Citizens will be able to identify impact merchants and have access to products and services aligned with their values.

“People will be able to actively participate in transforming the world every day by responsibly choosing which companies their money will support.”

Canada’s first socially responsible chartered bank?

impakcoin_MPK_tag_300dpi_2400x1260_EN

You might ask yourself if all this is realistic, if it is possible to have a financial ecosystem that is secure, energy efficient, with no intermediary, no fees and with value. With an initial equity fundraise of CAD$1.5 million, it is clear that a significant community is interested in spending meaningfully.

With an upcoming official presale coming in August, impak coins is expecting to connect 500 enterprises, 150 capital partners, and 5,000 user participants by the end of the year.

If you want to understand all about this innovative project, you can read Impak Finance White Paper.

Author: khatidja.kassam

Founder of Innovation Montreal, MBA Graduate, interested in innovation, entrepreneurship, impact investment in Montreal and elsewhere!

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