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Neobanks Are On The Rise In The Global Black Community, Here's What You Need To Know About Them

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...

Michelai Graham

Apr 14, 2021

Nigerian Fintech Startup Appzone Raises $10M Series A To Innovate Banking Solutions For Africa

Africa’s fintech space has garnered more attention in recent years as more and more companies emerge on the continent to redefine proper banking solutions for consumers. Appzone — a fintech software provider that digitizes banks and financial services — was founded by Emeka Emetarom, Obi Emetarom, and Wale Onawunmi back in 2008 as a means to offer commercial banks custom software development services through homegrown financial technology versus tech of foreign origins, according to TechCrunch. Today, the Nigerian-based startup has announced the raise of a $10 million Series A investment round to build upon the success the platform has already seen and position itself as innovators of fintech in Africa. TechCabal reports the funding round was led by Lagos-based investment banking firm CardinalStone, with participation from other firms such as V8 Capital, Lateral Investment Partners, Constant Capital, and Itanna Capital Ventures. According to the outlet, Appzone plans to use the new...

Njera Perkins

Apr 12, 2021

Black-Led Firm Gig Wage and Green Dot Raise $7.5M Series A to Make Banking Accessible For Workers

The year of 2020 has shown us that our economy requires better financial tools and resources to set us up for success. In an effort to bring modern banking to the global gig economy, fintech companies Gig Wage and Green Dot have come together to forge a strategic long-time partnership and investing relationship to offer reliable banking solutions and finance tools to gig workers — better known as underbanked independent contractors, a press release reports . According to Dallas Innovates , Gig Wage — a Dallas-based Black-led firm — recruited the help of Green Dot as an infrastructure bank partner and helped lead its Series A funding round which raised $7.5 million total, enabling Gig Wage to boost its seamless and popular instant payments platform. “The fast-growing gig economy presents tremendous demand and opportunity for enhanced banking and payments tools and experiences,” said Dan Henry, CEO of Green Dot, in a statement . “We’re thrilled to partner with Gig Wage to grow this...

Njera Perkins

Nov 17, 2020

Black-Owned FinTech Upgrades Platform to Ease Financial Burdens in the Black Community

The financial struggles and needs facing Black and brown Americans have significantly increased in the wake of COVID-19. Outside of health concerns, financial shocks have altered life and our economy as we know it. In an April survey conducted by the Pew Research Center , 73 percent of Black adults and 70 percent of Hispanic adults said they did not have emergency funds to cover three months of expenses. In turn, it made it even more difficult to pay their monthly bills. To help alleviate the financial burdens of Black and brown Americans, Black-owned fintech company MoCaFi has announced the launch of an upgraded banking platform with “features and services designed to address financial inequality in Black, Hispanic, and historically disenfranchised communities,” a press release said. View this post on Instagram A post shared by MoCaFi (@mocafiapp) MoCaFi — which stands for Mobility Capital Finance, Inc. — serves American residents who exist between the economic margins as either...

Njera Perkins

Aug 6, 2020