The global neobanking market is expected to reach an estimated $723 billion by 2028, according to Grand View Research. As more people handle their finances online, the neobanking industry has been getting a lot of love, but what are neobanks anyway? Neobanks are digital-only financial institutions that operate similarly to traditional banks, but without physical branches, The Balance explains. You typically access neobanks through mobile applications and online platforms. While neobanking can be convenient, have lower costs and are more easily accessible, they don’t have the same accreditation as traditional banks and are regulated much less. Above all, neobanking requires access to technology and internet, a luxury that not everyone has. Another thing to think about with neobanking is that even with access to technology and internet, consumers have to be comfortable and trust tech in order to invest in using online-only banking systems. Some neobanks like N26, Atom Bank and Monzo...

Kuda — a Nigerian fintech startup that sets itself apart from the competition by building its services with its own banking license in hand — is on the rise! Kuda Bank is an African challenger bank that has just closed a Series B in the amount of $55 million, according to TechCrunch. The raise was made at a $500 million valuation for the London-based company which has been taking on incumbents in the country under its mobile-first, personalized and cheaper set of banking services all built on new and improved, API-based infrastructure. As the company continues to set upon an extensive growth track, Kuda will use the money raised to not only implement new services for Nigeria but to also prepare to launch into more countries on the continent. Co-founder and CEO, Babs Ogundeyi has plans for the banking services to become the go-to financial destination for “every African on the planet.” “We’ve been doing a lot of resource deployment…in Nigeria,” said Ogundeyi in an interview with...

The National Black Bank Foundation (NBBF) is adding some heavy hitters to its board. According to Business Wire , NBBF is a racial justice nonprofit committed to ensuring the communities of color have access to capital in order to build wealth through the Black banking sector. Just last week the board appointed King Center CEO Dr. Bernice A. King and actor Hill Harper to its board of dynamic leaders. Harper and King will join a board of directors that includes ESPN analyst and Super Bowl XLIII winner Ryan Clark, National Bankers Association Chairman Robert James II, Aspen Institute Fellow Yolanda Daniel, and founder and CEO of Calliope Advisors Lauren McCann. “Black banks help Black families escape the continuum of poverty by building real wealth , which is why the work of uplifting these community anchors is so urgent,” said NBBF Board Chair and St. Louis Mayor Tishaura Jones. “We’re deeply honored that Dr. King and Hill have invested themselves in our mission.” Today there are...

Your paycheck helps you live, but accumulating wealth takes more than a steady 9 to 5 with a nice salary. The average millionaire has seven streams of income. Rather than solely earning a salary from a single occupation, financial prosperity is generated by multiple investments that earn money without requiring active work, also known as passive income. If you’ve ever heard someone say, “it takes money to make money,” or something along the lines of, “rich people make money in their sleep,” you’ve heard about passive income. Take a look at the first Black female and male musicians to reach billionaire status, Rihanna and Jay-Z. Rihanna went nearly bankrupt then grew a $600 million net worth. The majority of Jay-Z’s income is the result of smart investments and business ventures, such as clothing lines, sports teams, music streaming and restaurants. The path to wealth building is rarely that straightforward, however. The racial wealth gap offers some proof. According to the 2019...