Paybby — one of the leading financial tech institutions for communities of color — has announced a new Regulation CF equity crowdfunding initiative in an effort to allow accredited and non-accredited investors to invest in the company.
It is a public benefit challenger bank with a mission to advocate for communities that have been systematically disadvantaged in financial services.
Their app, Wicket, offers smart banking via checking and savings accounts, and financial tools to manage money, according to AI-thority. CEO Hassan Miah says they want to open private equity investments to everyone.
“These investments are typically not available to smaller, non-institutional investors and have been limited to wealthy Family Offices, Individuals, and Private Equity Funds,” he said. “[Now] for a minimum investment, anyone can invest in Paybby and own a piece of the Wicket smart banking app.”
Miah believes this change will allow Black and brown investors to be a part of history and a new age of banking called Neobanking.
“NeoBanking is one of the world’s fastest growing industries as users around the world discover the benefits of digital banking designed from the ground up,” he said.
This digital banking system allows their Regulation CF equity crowdfunding initiative to reach communities across the country. Currently, Black entrepreneurs receive less than one percent of venture capital investments, according to AI-thority.
“Black banks are small and limited to servicing customers in their immediate geographic area. As a mobile bank, Paybby is available nationally and can target any community in need throughout the US,” he said. “It’s about time we have our own national digital bank and empower our communities!”
Paybby CFO Jack Marhofer says with no fees required to get started, Paybby has opened a world of opportunity and is providing a needed disruptive change in the marketplace.