In honour of International Women’s Day, we carry on the theme of celebrating stories of women and recently caught up with our UCL MSc Entrepreneurship alumna Mary Sam for our newest blog feature.
Meet UCL MSc Entrepreneurship alumna Mary Sam, a trailblazing entrepreneur whose journey began with a passion for engineering and a vision for innovation. From Tehran to London, she navigated the complexities of the tech industry, ultimately founding Teengle—a groundbreaking solution addressing the financial needs of young people. Mary also tells us about the importance of a strong support network when entering the entrepreneurial space as a woman.
In this blog, we caught up with Mary Sam to hear about her FinTech ventures as she shares her insights, challenges, and triumphs as she works to empower the next generation through financial literacy.
Tell us about yourself
My journey began with a deep dive into the world of engineering, fuelled by a keen interest in designing and building. This foundation, laid in Tehran where I am from, would later prove invaluable as I embarked on a path towards innovation and technology. It was during my work at a leading company’s R&D department that I collaborated with some brightest minds on ground-breaking projects. This experience not only solidified my passion for technology, but also ignited my entrepreneurial spirit.
Seeking new challenges and opportunities, I moved to London, a city renowned for its thriving tech ecosystem. There, I started working closely with my co-founder, who had a proptech start-up where I contributed to its software and data integration. The start-up proved to be very successful and was later acquired by a top-tier bank.
While I was studying my Master’s in Entrepreneurship at UCL in 2022, I started my journey with Teengle .
Have you always shown signs of entrepreneurial talent?
As I look back, the seeds of my entrepreneurial spirit were sown not in a specific moment, but in the countless everyday interactions. Watching my mum turn everyday challenges into opportunities became my own way of navigating life. This early habit of seeking solutions rather than dwelling on problems has become ingrained in my very being. It drives me to approach challenges with a proactive mindset, constantly searching for ways to improve and innovate. Whether it’s tackling a personal hurdle or navigating complex professional situations.
In a way, I wouldn’t say I always had the answers, but I’ve always had the spirit.
Tell us about Teengle
Identifying a gap in the market, my co-founder and I pinpointed a common concern among parents during casual conversations: the preference for providing their children with money in a more secure and manageable form, such as a card, amidst the increasing reliance on cashless transactions.
While retail banks are the go-to option, parents are reluctant to open accounts for their children due to the absence of parental controls and educational features on banking apps.
However, traditional banks face challenges in adapting their infrastructure due to their intricate technology and legacy systems, as well as the strict regulations they must adhere to. Although there are a few children’s pocket money apps on the market, they are often deemed costly for the services they offer.
Drawing from our successful collaboration and fueled by my keen interest in the fintech sector, after conducting a comprehensive analysis of the market and industry, Teengle came into existence.
Why did you decide to target the teen market?
Initially, targeting the teen market wasn’t part of our deliberate strategy. It emerged organically when my co-founder identified a pressing issue, prompting us to delve into extensive research. Through this process, we uncovered a significant gap in the market that resonated with a sizable and engaged audience. Furthermore, my experience working as a mathematics tutor during my studies has given me first-hand insight into the lack of financial literacy among children. Therefore, both the idea and the market were intriguing to me.
On a personal level, Teengle’s mission to empower young people, regardless of their background, resonates deeply with my values. The fact that it’s offered free of charge to families strengthens its potential for social good.
What is your greatest entrepreneurial achievement?
I’d say Teengle being selected as one of the top 150 international and top 50 European fintechs to watch by AWS, as well as being accepted into the EY fintech growth program, are significant milestones showcasing our early success and potential impact in the industry.
What challenges have you faced?
Teengle is a unique mobile banking platform designed to seamlessly integrate with existing retail bank accounts empowering both parents, through its parental control features, and teenagers, with access to financial tools.
Securing authorisation from the Financial Conduct Authority (FCA) was crucial for us to operate. This process, however, proved to be exceptionally challenging.
Firstly, the novelty of our use case presented uncertainty around the FCA’s approval. Secondly, navigating the regulatory landscape involved consulting various compliance firms, whose fees were often prohibitively high, reaching hundreds of thousands of pounds.
Despite these hurdles, we successfully obtained the necessary FCA authorisation without any external help.
What did you enjoy most about studying at UCL SoM?
While I maintain an optimistic outlook on life, I also recognise the importance of being realistic. The high failure rate of start-ups, motivated me to proactively seek out comprehensive knowledge and practical skills. In my quest for a programme that prioritised real-world learning and entrepreneurial activity, I came across the UCL MSc Technology Entrepreneurship programme.
My experience in the program was nothing short of wonderful, and I acquired invaluable knowledge during my time there. The sense of community was enjoyable, and I remain engaged with it. Currently, I collaborate with my dissertation supervisor, Itxaso, assisting in the Entrepreneurial Finance module. Furthermore, my connection with Simon Hulme, the Entrepreneurship course director, remains strong. He generously provides guidance whenever I reach out, extending his support beyond my graduation.
What’s next for Teengle?
There are some interesting things on the horizon, but it’s too soon to talk about them in detail.
Teengle has the potential to positively impact millions of children worldwide by providing them with essential financial skills. I’m eagerly looking forward to seeing this vision come to fruition soon.
How have you found breaking into this space as a woman?
Throughout my journey, I’ve encountered moments of self-doubt, but I choose to view it as a natural aspect of being a founder who continually faces various challenges. However, it’s important to acknowledge that women often encounter unconscious biases in the tech industry. There were instances where I had to work a bit harder to prove my competence or navigate through occasional biases. Nevertheless, I choose to perceive these challenges as opportunities to showcase my skills even more effectively.
I consider myself fortunate to have encountered incredible people, who have genuinely supported my growth. However, it’s crucial to acknowledge the persistent systemic issues that plague the tech industry, particularly for women. Over 50% of women exit the industry due to various factors such as limited career advancement opportunities, imposter syndrome, feelings of exclusion, and gender bias. These factors combine to create a significant barrier to retaining women in tech.
Find out more about the UCL School of Management’s MSc Entrepreneurship programme.