Black-Owned Fintech Apps You Need to Know

You may have heard the term “fintech” floating around in the last few years, but what exactly is fintech? Fintech, also known as “Financial Technology,” is a term used for any technology created to automate, streamline, digitize, or overall improve traditional financial services for everyday individuals and businesses. Fintech can include mobile payment and banking applications to cryptocurrency and blockchain technology. 

Over the years, fintech has become more consumer-oriented and has expanded into multiple industries, including but not limited to education, retail banking, investment management, and insurance. As fintech continues to grow and evolve in the technology sector, how it affects you as an individual or business is solely based on how you choose to use and interact with fintech services. If you decide to make fintech a part of your everyday life, here are six Black-owned fintech apps you need to know:

1. EnRichHer

Founded two years ago by Dr.Roshawnna Novellus, EnRichHer is a lending, coaching, and community platform that makes funding accessible to women-owned and Black-owned businesses. EnRichHer has created algorithms designed to reduce underwriting bias, resulting in an expanded market for who can obtain capital. This model makes a more inclusive and community-oriented approach versus other traditional lending methods.

Services Include:

  • Funding for companies
  • Grants for companies 
  • Interest Returns for Funders
  • Philanthropic Returns for Funders

2. Quoins

Quoins is a debt pay-down app founded by Christian Zimmerman and Nate Washington Jr. after realizing many people, including themselves, were in debt without a way to reduce their debt or get out of debt. Quoins turn a cumulation of small transfers throughout the month into a bulk monthly contribution towards your debt. 

3. CapWay

In 2016, Sheena Allen realized that there was a lack of financial services and banking resources for underserved communities like many others from small towns. She created CapWay, a mobile bank, and financial literacy company, to bridge this gap for an issue that affects billions of people worldwide.

Account Features:

  • Physical and Virtual Cards
  • Track Transactions 
  • Track Spending Categories
  • Money Goal Buckets
  • Send and Receive Money
  • Deposit and Withdraw Funds

4. Breaux Capital

The founders of Breaux Capital (pronounced “bro”) designed the company to help Black millennial men across the global African diaspora build financial wellness. It is the world’s first cooperatively owned and operated financial technology and services company and is the first venture founded by BREAUX and Company. Derrius Quarles, Ras Asan, and Brian L. Williams aim to fuse culture, education, and asset accumulation to provide a better economic foundation for families throughout the African diaspora.

Product and Services Include:

  • Automated asset accumulation
  • Curated content
  • Access to exclusive events
  • Financial coaching sessions for members

5. Jammber

Launched in 2015, Marcus Cobb initially created Jammber as a workflow management tool for songwriters and their teams to collaborate on songs. Over the years, it has evolved into a platform specializing in SplitPay, a tool that simplifies the burdens of facilitating split-income among creative teams – allowing distributors to payout royalties in a streamlined manner.

6. Kiddie Kredit

Kiddie Kredit is a mobile chore tracking app that teaches kids about credit. Founded in 2018 by Evan Leaphart, the founder and CEO of Kiddie Kredit and co-founder of Black Men Talk Tech, Kiddie Kredit aims to create digital products that develop financial literacy early. The application is designed to educate youth on how the U.S credit scoring system works. Their patent-pending algorithm produces a score from 0-to to 100, similar to how FICO scoring models work.

These are just six of many Black-owned fintech companies breaking into the traditionally white-dominated tech industry. This trend is only the beginning, as Black-owned companies are trailblazing the financial technology sector by providing the resources and knowledge for others to follow.

 

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