Former Bank Executive Raises $2.4M to Launch Financial Wealth App for Women and Minorities – Black Enterprise

Yvette Butler, founder and CEO of Hive Wealth, recently raised $2.4 million for her community-driven mobile app aimed at helping people build generational wealth while removing the stigma of openly talking about money.

Before Hive Wealth, Butler served as president of Silicon Valley Bank Private Banking & Wealth Management and president of Capital One Investing. She has more than 35 years of experience working with the tech industry’s top innovators and investors seeking to build financial wealth through alternative investments.

BLACK ENTERPRISE sat down with Butler to learn more about her new venture.

Why did you start Hive Wealth?

Our society has fostered this myth that talking about money is shameful and taboo and that we should never discuss it. But you’d be surprised how openly people talk about money in wealthy family circles and private institutions. I’m sharing their money secrets so that we can break the silence and empower people to talk about their challenges, triumphs, insights, and experiences.

We believe that transparent, shame-free conversations about money are the first step to gaining financial freedom. Guided by our mission to close the racial, gender, and generational wealth gap, we’re here to give you the tools you need to grow — and to create a vibrant financial future.

You’ve raised $2.4 million when the market is entering a recession and funding rates are declining, particularly for people of color. Why do you think you’ve been so successful with fundraising?

African American founders are seeing a decrease in funding this year despite the fact that diverse firms bring in almost 20% higher innovation revenues, and are more likely than their counterparts to retain staff, spot risks, and become more profitable. Fears of recession, unfortunately, lead to even more discrimination; there is a lot of work to be done to make things more equitable.

I think I’ve been successful because our story about overcoming barriers to wealth is so compelling and authentic — it resonates with so many people. Our product is genuinely innovative and amazing. Our solution is critical to help[ing] minorities and women build generational wealth and close the wealth gap.

What are the biggest mistakes you see people making on their financial wealth-building journey? 

Building wealth isn’t a footrace; it’s a marathon. I see a lot of people sprinting when they should be jogging — or even walking. You’ll set yourself up for failure if you take on more than you can handle.

For example, while I recommend investing what you can, you should prioritize building an emergency fund and paying your bills first. Don’t …….

Source: https://www.blackenterprise.com/former-bank-executive-raises-2-4m-to-launch-financial-wealth-app-for-women-and-minorities/