Planet Wealth to offer access to capital, resources
Originally posted on Daily Memphian | August 1st, 2021
As an orthopedic surgeon at OrthoSouth, Dr. Jeff Cole has always done a bit of dabbling in side gigs. In 2003, he partnered with someone in St. Louis and started an electronic medical records company.
“At the time, medical office practice and documentation were full of redundant work and inefficiencies, and everything was paper-based,” Cole said. “If we had had proper funding at the time, we could be a leader in that space today.”
That endeavor lit a fire in Cole because he knew they had a great software company, but they couldn’t get funding for it to grow. After about 15 years, the company was on the cusp of profitability, and then finally, they closed it down.
“A friend who runs a venture capital firm in San Francisco, California, talked about one of his portfolio companies, and one was blockchain,” Cole said. “Blockchain fascinated me, and I began a deep dive to study it.”
Cole’s interest in blockchain and digital security continued to develop over the past several years, and he later found himself in a demo for a product.
“Calls with the CEO became weekly, daily and then multiple times per day,” he said. “We started talking about the vision of what we’ve now built, which is amazing.”
That demo morphed into Planet Wealth, which launched last week to “empower like-minded individuals to share resources toward a common goal.”
Cole is now on the board for the company.
“The company has been building toward this launch for about three years, so it’s a coincidence that as we aim to democratize capital, there just happens to be this strong anti-Wall Street retail movement occurring,” Greg Sossaman, CEO of Planet Wealth, said.
The digital financial services platform or “fintech,” is aiming to level the playing field between Wall Street and Main Street. Planet Wealth opens doors to capital access by eliminating costs that have prohibited large-scale participation and by providing process- and data-driven experience. This can create financial independence, or having enough income to pay one’s living expenses for his or her lifetime without having to be employed, achievable for those who pursue it.