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In the space of financial technology, Esusu hails as a leading platform. And, what’s more, it just hit unicorn status with the announcement of a $130 million funding round led by SoftBank Vision Fund 2. According to TechCrunch, the Series B round puts Esusu’s valuation at $1 billion, making it one of the very few Black-owned unicorns in the U.S. and beyond.
Fintech startup Rares, a sneaker investment app, launched earlier this year and recently earned $4 million in a seed funding round. The round was led by MaC Venture Capital on Oct. 11 and participants included Cake Ventures, Portfolia Rising America Funds I and II, Evolution VC, W Fund and Gaingels, according to a press release. As previously reported by AfroTech, Rares was founded by former NFL player Gerome Sapp and his business offers its users fractional ownership through rare, high-priced sneakers. Rares’ mission is to give back to the Black community through providing accessibility to the sneaker market “by creating a new class of sneaker enthusiasts powered by financial literacy and cultural equity.” View this post on Instagram A post shared by Rares (@raresapp) “Access to significant capital has been the achilles heel for many entrepreneurs, especially women and other minorities,” Sapp said in a press release. “So as a minority, being able to close this significant SEED...
With the help of financial innovations, the road to financial freedom is becoming more accessible for Black people and communities of color, and Qoins is a fintech startup helping to lead the way in continuing the streak of progress. Since its launch, Qoins’ mission has focused on helping their users pay off their debt and put money into their savings. Qoins’ strides in the financial wellness space have seen continued success and the app recently reached its latest milestone of paying over $20 million in consumer debt, according to a press release provided to AfroTech. “People of color, we tend to get the short end of the stick when it comes to interest rates,” co-founder Nate Washington tells AfroTech. “I can go into a whole spiel about how the credit score system is against us. For us, being able to see that impact and continue to get those testimonials where people tell us, ‘Hey, you really helped me pay off my student loans or my credit card and now I can actually do something...
Greenwood has made more strides toward becoming the biggest digital banking platform for Black and Latinx individuals and business owners. On March 25, the platform announced it has closed a $40 million Series A funding round. The round included participation from six of the seven largest banks in the U.S. along with Bank of America, PNC, Mastercard, Truist, Wells Fargo, and Visa, reports PR Newswire. The group is joined by Popular, the largest Hispanic-owned bank in the U.S.; venture capital firms TTV Capital, the SoftBank Group Corp’s SB Opportunity Fund, Lightspeed Venture Partners, and FIS, a leading provider of technology solutions for banks, capital markets firms, and merchants globally. Other groups include sports and entertainment names like Quality Ventures, the private equity arm of the sports media corporation, Quality Control, and All-Pro NFL running back Alvin Kamara. View this post on Instagram A post shared by Greenwood (@bankgreenwood) “The net worth of a typical...