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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...
First Boulevard Bank, a digital bank aimed toward Black America, has announced that it’s raised $5 million in its initial seed funding round. According to TechCrunch, the digital bank got its seed funding from a diverse group of investors that includes actress Gabrielle Union, Union Square Ventures’ John Buttrick, and AutoZone CFO Jamere Jackson. Barclays and Anthemis rounded out the funding. First Boulevard Bank — formerly known as Tenth — was co-founded by Donald Hawkins and Asya Bradley, who said that they were inspired to do so in the wake of the George Floyd murder, according to TechCrunch. Hawkins also said that he was inspired to found First Boulevard Bank when he realized that the collective spending power of Black America was in the trillions, but that there were only 19 Black-owned banks in the United States with $5 billion in assets. “And their technology was really behind the times,” Hawkins said, according to TechCrunch. “We also took a hard look at some of the existing...
Actor and community activist Jesse Williams has become the latest investor to join Greenwood’s financial empowerment efforts. Greenwood — the new digital banking platform for Black and Latinx entrepreneurs and small businesses — recently launched to help repair the hole in Atlanta’s finance market with the help of rapper Killer Mike, former Atlanta Mayor Andrew Young, and Bounce TV founder Ryan Glover. Williams has now signed on to help the digital bank carry out its mission to strengthen the economy for communities of color. “I’m excited to join the Greenwood team and work to advance economic prosperity for people of color,” he said in a statement . “The time has come for Black and Latinx communities in America to strengthen our economic condition and influence. By increasing access to essential banking services and financial education, Greenwood is a key part of that movement.” View this post on Instagram A post shared by Greenwood (@bankgreenwood) Williams is most known for...
Rapper Killer Mike — also known as Michael Render — has a plan to fill the gaping hole in the finance market in Atlanta for Black and Latinx citizens, and he’s enlisted the help of some of the city’s most revered businessmen and politicians to do it. According to TechCrunch , Killer Mike, former Atlanta Mayor Andrew Young, and Bounce TV founder, Ryan Glover have all partnered together to launch Greenwood , a new digital bank backed by the Federal Deposit Insurance Corporation with aims to help Black and Latinx entrepreneurs and small businesses. https://www.instagram.com/p/CGFlBKXnnde/?utm_source=ig_web_copy_link As stated by its website , Greenwood is “a platform inspired by the early 1900’s Greenwood District, where recirculation of Black wealth occurred all day, every day, and where Black businesses thrived.” Greenwood pays homage to the famous Black Wall Street in Tulsa, Oklahoma and prioritizes several digital features designed to help promote social causes as well as...