Black Woman-Owned Fintech Companies Poised To Narrow The Gender-Racial Wealth Gap

Conversations around fintech diversity usually focus on gender, which is important. But that type diversity of usually centers “white women.”

This can leave minorities out of their companies’ target consumer demographic, which is particularly concerning since financial services can often lead to Black people being excluded from access to fair lending practices and culturally competent products. Unsurprisingly, this can end promoting systemic inequities.

Forbes pointed out that Georgetown Law professor Chris Brummer cited a Harvard Business Review article that reported fewer than 2% of tech executives and only 5.3% of tech professionals are Black.

He added that “With fintech accounting for perhaps 10 to 15 percent of tech employment overall, the gross numbers of full time, African American fintech executives and professionals could be in the hundreds, not thousands.”

Black households are still grappling from the disproportionate financial whiplash caused by the COVID-19 pandemic, which shed light on historical racial financial health gaps in the US. But equitable fintech companies have the ability to fill them, and these Black-women-owned firms are on mission to do just that. Check them out.

01

Kelly Ifill – Guava

Guava was founded in 2021 by Kelly Ifill after vying to narrow the racial wealth gap by providing financial services to Black small businesses and creators. The digital banking platform will launch early next year officially and will help entrepreneurs manage expenses and connect with other entrepreneurs looking to grow their businesses.

02

Sheena Allen – Capway

Sheena Allen founded the digital banking app Capway after experiencing the effects of being underbanked while growing up in the rural south. To date, the platform has helped hundreds of thousands of customers get banked, adn obtain access to financial literacy tools.

03

Natasha Bansgopaul – Darcmatter

Bansgopaul is the co-founder of the fintech platform DarcMatter which streamlines the fundraising process for founders and fund managers.

04

Gloria Kimbwala

As the founder of Bisalu, Kimbwala is dedicated to supporting corporate brands become more inclusive and is also the technical advisor on the boards of directors of the Society of Women Coders (SOWCoders) and the Black Women Blockchain Council.

05

Dr. Roshawnna Novellus- EnrichHER

Dr. Roshawnna Novellus is the Founder and CEO of EnrichHER, a lending platform geared toward helping retail and institutional funders allocate capital to BIPOC and women-owned businesses.