Stackwell, the digital funding platform working to create generational change within the Black neighborhood, introduced the discharge of a robo-investing app.
The app is reportedly out there for obtain in Apple’s App Retailer. Particularly designed with the Black neighborhood in thoughts, the app goals to offer instruments and data for constructing wealth.
“The discharge of our app represents a big milestone within the ongoing development and improvement of our firm,” Stackwell founder and CEO Trevor Rozier-Byrd mentioned in a information launch.
“We at the moment are uniquely positioned to assist extra folks within the Black neighborhood leverage the facility of the inventory market to develop long-term sustainable wealth and finally seize a large market alternative by changing into the trusted supplier of end-to-end monetary services for hundreds of thousands of Black customers.”
In accordance with CNBC, a bit greater than one-third (34%) of Black households held fairness investments in 2019. As compared, 61% of white households had fairness investments that very same yr. One purpose for that is the numerous lack of economic literacy for Black Individuals.
Stackwell’s app claims to be a easy, easy-to-use useful resource that gives customers with the mandatory instruments to start out investing. The app has a $1 subscription payment and a $10 funding minimal, rising accessibility within the Black neighborhood.
The app contains automated funding portfolios, in-app instructional content material, and intentional design and science-based suggestions to assist customers obtain long-term targets.
Together with the app’s launch, Stackwell introduced partnerships with a number of NBA and WNBA groups, together with The New Orleans Pelicans, The Minnesota Timberwolves and Minnesota Lynx, and The Washington Wizards and Washington Mystics.
The collaborations will enhance neighborhood engagement by way of particular programming and occasions and create greater than 3,500 new Stackwell accounts with preliminary funding for native program contributors. Stackwell may also contribute over $250,000 to assist the development and wealth-building alternatives for Black college students, entrepreneurs, small enterprise house owners, and extra.
“Stackwell is invested in Detroit, Minneapolis, New Orleans, and Washington, D.C.,” mentioned Rozier-Byrd.
“We’re excited to get to work alongside our NBA and WNBA companions, every of which is on the forefront of the social and financial justice points impacting their communities. Collectively we’ll drive important affect and alter by rising entry to wealth-building alternatives for the native Black communities.”
