Some executives at Arlington, Virginia-based Ingenious Financial are planning to raise $10 billion to provide more tech to unbanked and underserved communities.
Ingenious Financial Founder Darnell Parker and COO Derek Taylor are leading this investment, the company shared in a press release. The pair decided to raise this capital after finding that many Black residents across the nation still don’t have access to computer tech in their homes. This technology gap leads to more financial insecurity, so Parker and Taylor are raising $10 billion through the private Federal Reserve corporation emergency lending program to serve unbanked and underbanked communities.
“All relevant policy narratives point towards an inclusive environment,” said Taylor in a press release. “But you cannot have an inclusive environment without African American controlled businesses and ownership.”
Once they’ve raised the funds, Parker and Taylor plan to disperse the capital across four main initiatives:
- $4 billion for the holding company and financial institution
- $5 billion for tech products and broadband service
- $600 million to lease training facilities across the nation
- $400 million to hire 500 employees for financial literacy education and smartphone training
“One of the most important contributions we can make is to invest sufficient resources in innovation, technology, and financial literacy,” said Taylor in a statement. “We must pull together and fully support this investment opportunity with Ingenious Financial to deliver technology products and services to the unbanked and underserved.”