Since its inception, Stackwell Capital — founded by Trevor Rozier-Byrd — has been on a mission to close the racial wealth gap. Now, it’s one step closer.
Starting Sept. 21, users can access its robo-investing app, which will enhance their knowledge of the financial markets, according to a press release exclusively provided to AfroTech.
The application will target Black Millennials and Generation Z Americans and aims to create better outcomes by enhancing their power and growing their wealth in the financial market.
“It is my hope that through our app, and the brand that we have built, more people in the Black community will feel empowered to believe that they belong in the financial markets, and that they can be successful once they get there. I want them to realize that Stackwell’s commitment to them is intentional and perpetual, and that we are here as their guide to help them along their journey to achieve their long term wealth building goals and objectives,” Stackwell Founder and CEO Trevor Rozier-Byrd told AfroTech in an email interview.
Stackwell Capital is introducing pre-built portfolios, educational content coupled with accessibility, and behavioral nudges to encourage healthy practices toward financial freedom.
In addition, users can get started with just a $1 monthly subscription fee and a commitment to invest $10. The cost ensures financial literacy tools offered on the platform can be within reach of those interested in building sustainable wealth.
“For us, what has squarely been missing from the ongoing dialogue about how to solve for the racial wealth gap, is a focus on how increased investment participation could significantly accelerate the Black communities’ ability to grow long-term sustainable wealth. As a result, one of the core elements of Stackwell is to provide our users with access to investment educational content that is accessible and delivered in culturally competent ways. We are very focused on imagery, our use of language, and cultural examples. We want to make sure that people do not feel ‘othered’ in this process, so that they understand: this is a space in which they belong, and a space in which they can be successful,” Rozier-Byrd said to AfroTech.
AfroTech also exclusively learned that Stackwell Capital’s efforts will be emboldened as it will also work with several NBA and WNBA teams, including the Detroit Pistons, the New Orleans Pelicans, both the Washington Wizards and Washington Mystics, and the Minnesota Timberwolves and Minnesota Lynx.
According to a press release, the three-year partnership will work to increase interest in Black communities, as it pertains to financial literacy, through unique programming and events. Stackwell will collaborate with teams to produce co-branded content, that will aim to reach millions of people locally and nationally and open new Stackwell accounts.
“The New Orleans Pelicans are thrilled to team up with Stackwell on this new, multi-year partnership. By joining forces with Stackwell, we are able to provide a platform to reach and empower more members of the Black community across New Orleans and the Gulf Coast region,” said Dr. Darvelle Hutchins, Senior Director of Culture, Diversity, and Inclusion at New Orleans Saints and Pelicans, according to a press release.
What’s more, the partnership will invest back into local communities to steward wealth creation for Black students, entrepreneurs, creators, and small business owners, among others.
“Through our NBA and WNBA partnerships, Stackwell is invested in Detroit, Minneapolis, New Orleans, and Washington, D.C. for the long term. By partnering with NBA and WNBA teams in these markets we will be able to provide investment access and education to the local Black communities which are among the most impacted by the racial wealth gap. Together, we will drive social and economic impact in these markets with authenticity and passion, open up over 3,500 new Stackwell accounts, and contribute over $250,000 back into the local Black communities over the next three years,” Rozier-Byrd said.
The launch of Stackwell Capital’s robo-investing app and plans with the NBA and WNBA comes on the heels of its announcements of closing a $3.5 million seed round.
The round was led by Mike Gordon of Fenway Sports Group, Jeremy Sclar, CEO and Chairman of WS Development and The Kraft Group.
Now, as also stated in the press release, Stackwell Capital “will continue to build off of the momentum of its app release and NBA and WNBA partnerships to grow the ecosystem of support around the company, enabling execution against strategic company objectives, scaling of operations and driving impact in the Black community.”