Essence Magazine:
The future of fiscal equity lies in robo-investing and a Black-owned digital finance platform is at the vanguard of that movement.
Stackwell recently announced the release of its first product, a robo-investing app, available for download in the App Store. Specifically designed for the Black community, the app is aimed at promoting accessibility, education, and support to build wealth.
“The release of our app represents a significant milestone in the ongoing growth and development of our company,” said Stackwell founder and CEO Trevor Rozier-Byrd in a news release. “We are now uniquely positioned to help more people in the Black community leverage the power of the stock market to grow long-term sustainable wealth, and ultimately capture a massive market opportunity by becoming the trusted provider of end-to-end financial products and services for millions of Black consumers.”
The app requires just a $1 monthly subscription fee and a $10 investment minimum to lower barriers to entry and promote accessibility.
The product came in response to the widening racial wealth gap. White households hold 8 times more wealth than Black households. And only 34% of Black households participate in the capital markets in comparison to 61% of White households.
“At its core, Stackwell’s platform is designed specifically to overcome the fear and mistrust of the financial system and institutions in this country, and empower individuals to see a space for themselves in investing,” said Omosefe Aiyevbomwan, Stackwell’s Vice President of Product in a news release. “We identified the social, emotional and cultural barriers to entry, and built the platform to address each one head-on. Our model portfolios facilitate the process of getting started, and address lack of guidance and proximity to the markets; our financial wellness and education content answer for the lack of information; and the low-cost entry and subscription fees help assuage heightened risk aversion and concerns people have about investing without a safety net.”
The product comes after the recent closing announcement of a $3.5 million seed round, led by Mike Gordon of Fenway Sports Group, Jeremy Sclar, CEO and Chairman of WS Development and The Kraft Group.
The post Stackwell Launches Robo-Investing App Designed To Eliminate The Racial Wealth Gap For The Black Community appeared first on Essence.
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