Stella Dyer is the cofounder and CEO of Millicent.
Upon earning an MBA from Harvard Business School, Stella Dyer polished off her gold star finance resume with jobs at Morgan Stanley and Goldman Sachs, moving then to C-suite roles at several large private equity firms. Her primary aim, however, has never been to accrue wealth. She is driven by a desire to make it easier for the approximately 1.7 billion marginalized and unbanked people across the globe to access financial services.
Dyer’s blockchain-based digital financial company, Millicent, is being funded in part by the British government. Her goal is “to build the infrastructure for people-first money,” Dyer says. Through decentralized finance, the company hopes to usher in a new financial paradigm via an open infrastructure that breaks down walled gardens and creates a strong, collaborative foundation for the future of global financial services. Millicent offers lightning fast money transfers at a fraction of the traditional cost per transaction.
A few years back, Dyer identified blockchain technology as a way to potentially transform the financial system for everyday people. “I realized this could be my true calling and dove headfirst into uncovering everything I could about the industry,” she says. “When it comes to banking and finance, we need evolution, not revolution.”
Dyer's family struggled financially during her childhood, motivating her to empower the ... [+]
The struggles Dyer faced in her early life forged strong motivation for her to build a business that helps the poor. She came to the U.K. as a young refugee from Nigeria’s Biafra war and spent much of her childhood living in public assistance housing. Even though her family had very little money, they still sent what they could to relatives back home who were in an even worse situation.
Yet the banking system made this almost impossible. Every financial transaction came with terrible fees and long delays. “The fact that the financial system is more difficult and more expensive to navigate for those with less money made me grow up with a strong drive to create a more prosperous future,” says Dyer.
After years working within the world of mainstream finance, Dyer became disillusioned and switched her focus to the charity sector. Her family’s Igbo culture places importance on community above individual needs. Dyer thrived in her role managing a $20 million gift to the Smithsonian National Museum of African American History & Culture during this time.
The greatest challenge Dyer faces with Millicent right now is advocating for regulation in the blockchain sector. Many companies in the space argue against her, as they prefer a laissez-faire approach. Dyer feels her personal background as well as practicing yoga and meditation help her to handle these high-stress situations.
Dyer is also an avid yogi and yoga instructor.
While many businesses struggled during the Covid-19 pandemic, for Millicent, it was a catalyst. “With the sharp declines in cash use, the world became even more dependent on payment networks that extract huge fees from merchants,” Dyer explains. “For many small businesses, this meant that tough times got even tougher. This inspired people to look for alternative solutions that put them first.”
Dyer has found her life purpose through the work she is doing with Millicent, and wants to help other people do the same. She advises people to stay intellectually stimulated, keep an eye on their work-life balance, and ground themselves in community. “Ask for help, guidance and mentorship whenever you need it,” she continues. “You will be surprised with the willingness of many ‘unapproachable’ people to help someone early on in their career.”
