New Digital Investment Platform Stackwell Aims to Close Racial Wealth Gap – The Bakersfield Californian
BOSTON–(BUSINESS WIRE)–Oct 26, 2021–
Stackwell, a mobile application that delivers automated investment tools and education to help build Black wealth today announced that it filed an application for registration with the U.S. Securities and Exchange Commission as an investment adviser and has raised seed capital led by CMFG Ventures Discovery Fund.
Stackwell, which is now taking names on its early-access waitlist, will provide its users with access to proprietary model investment portfolios that eliminate the stress of individual stock picking as well as tools that reinforce positive saving and investing behaviors.
Stackwell Founder and CEO Trevor Rozier-Byrd has nearly two decades of experience as a lawyer and business executive in the asset management industry, and most recently was responsible for scaling State Street’s Alpha Platform as a senior leader.
“I created Stackwell to eliminate the racial wealth gap by empowering a new community of Black investors,” said Rozier-Byrd. “I’ve spent my career in the asset management industry and have seen firsthand how powerful the market can be as a tool for long-term wealth creation. Through Stackwell our goal is to make building wealth a real possibility for more people in the Black community.”
The wealth gap between Black and White Americans in this country is worse today than it was before the passage of the Civil Rights Act in 1964, and it skyrockets to as high as 17x within the millennial population. For generations, Black Americans have been denied full participation in the banking and financial markets — prevented from realizing their fair share of the American dream, resulting in a massive trust gap between them and the financial institutions and market makers in this country.
“We are inspired by Trevor’s vision for financial inclusion and are thrilled to support his team in launching Stackwell,” said Elizabeth McCluskey, Director of CMFG Ventures Discovery Fund, part of CUNA Mutual Group. “We believe the platform will help enable the 66% of Black households who do not own stocks to begin investing for the long-term and building generational wealth.”
“I am proud to be an early supporter of Trevor and his vision to close the racial wealth gap and uplifting our community through Stackwell,” said former US Senator William “Mo” Cowan, a member of the Stackwell Advisory Board. “Stackwell’s mission to help more Black people invest sustainably and achieve long-term financial independence is the type of innovation we need and is long overdue.”
Stackwell is currently taking names on its early-access waitlist, and will conduct a private beta later this year with an expected full public release in early 2022.
Stackwell Capital, Inc., is a new fintech company that is developing a digital investment platform …….