Business: Stackwell is an investing app targeting the Black community it intends to empower individuals to see a space where they can invest. It aims to support individuals and help them overcome their mistrust of the financial system.
About Trevor Rozier-Byrd and Stackwell
Stackwell is a fintech company that was founded in 2020. It operates as an app providing automated digital investment tools and education to help support Black individuals in gaining economic empowerment. It was a member of J.P. Morgan’s 2022 Financial Solutions Lab raising $3.5 million in a seed funding round.
Trevor has significant experience within the legal industry and also in asset management. He has stated that he created the platform “to eliminate the racial wealth gap by empowering a new community of Black investors”. He looks at his own experience, seeing first-hand how the market can be used for good – generating long-term wealth. The educational element of the platform and its simplicity has been said to increase trust in the financial markets.
Wealth gaps are becoming even greater across the globe, and access to financial markets isn’t always a simple feat.
Trevor has used the investment to help with the release of the robo-investing app which is downloadable on the App store. This release represents growth and positive developments for the future of investing.
To use the app, users have to pay a monthly fee of $1 and invest a minimum of $10. The company will also be working with NBA and WNBA teams to produce co-branded content to help increase their reach and encourage people to open accounts on the app.
What Did The Judges Like About Stackwell?
“An app tackling wealth inequity right at its core! It’s great to see such an accessible tool that can empower the individual in the Black community. As part of an app team myself, I can see Stackwell’s wide-spread adoption and ease of financial education via the interactive format. It has a lot of potential to shift the needle!” said Alix Blankson
Sithara said. “The low minimum investment ($10, compared to the $100+ of some of their competitors) is a great way to incentivise people to start investing, especially if they had previously been reluctant to give it a go.”
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