Fintech companies owned by black women poised to close the gender and racial wealth gap
Conversations around fintech diversity usually focus on gender, which is important. But that kind of diversity of centers usually “white women.”
This can leave minorities out of the companies’ target consumer demographics, which is of particular concern since financial services can often result in black people being excluded from access to fair lending practices and culturally competent products. Not surprisingly, this can end up promoting systemic inequalities.
Forbes pointed out that Georgetown law professor Chris Brummer cited one Harvard Business Review article that reported that fewer than 2% of technical managers and only 5.3% of technical professionals are black.
He added that “With fintech accounting for perhaps 10 to 15 percent of tech employment overall, the total number of full-time, African-American fintech leaders and professionals could be in the hundreds, not thousands.”
Black households continue to struggle with the disproportionate economic blow caused by the COVID-19 pandemic, which highlights historic racial economic health gaps in the United States. But fair-minded fintech companies have the ability to fill them, and these Black-women-owned firms are on a mission to do just that. Check them out.
01
Kelly Ifill – Guava
Guava was founded in 2021 by Kelly Ifill after fighting to reduce racial wealth by providing financial services to black small businesses and creators. The digital banking platform will officially launch early next year and will help entrepreneurs manage expenses and connect with other entrepreneurs looking to grow their business.
02
Sheena Allen – Capway
03
Natasha Bansgopaul – Darcmatter
04
Gloria Kimwala
05
Dr. Roshawnna Novellus- EnrichHER
Dr. Roshawnna Novellus is the founder and CEO of EnrichHER, a lending platform aimed at helping retail and institutional financiers allocate capital to BIPOC and women-owned businesses.
