Stackwell Releases Robo-Investing App Designed to Eliminate the Racial Wealth Gap for the Black Community – PR Newswire
The FinTech Platform Announces Multi-Year Strategic Partnerships with NBA and WNBA Teams in Detroit, Minneapolis, New Orleans, and Washington, D.C. to Drive Engagement and Economic Impact in Key Black Consumer Markets Across the U.S.
BOSTON, Sept. 21, 2022 /PRNewswire/ — Stackwell, the digital investment platform created to eliminate the racial wealth gap, today announced the release of its first product, a robo-investing app, which is currently available for download in the App Store. Intentionally designed by and for the Black community, the app focuses on promoting accessibility, education, and support to help encourage individuals to participate in investing and build sustainable wealth.
“The release of our app represents a significant milestone in the ongoing growth and development of our company,” said Stackwell founder and CEO Trevor Rozier-Byrd. “We are now uniquely positioned to help more people in the Black community leverage the power of the stock market to grow long-term sustainable wealth, and ultimately capture a massive market opportunity by becoming the trusted provider of end-to-end financial products and services for millions of Black consumers.”
Simple and easy to use, the Stackwell app provides users with all of the necessary tools to begin their investment journey. The $1 monthly subscription fee and $10 investment minimum is designed to increase accessibility across the income spectrum within the Black community. The app is comprised of:
- automated investment portfolios, recommended based on user-specific goals to help individuals invest with confidence;
- in-app educational content that demystifies investing so users can grow their knowledge and their wealth; and
- intentional design and science-based nudges to help users stay committed, stay consistent, and achieve their long-term wealth building goals and objectives.
In the U.S. today, White households hold 8 times more wealth than Black households. That number grows to 17 times for the Millennial population. Further, only 34% of Black households are invested in the stock market, as compared to 61% of White households. By narrowing the underinvestment gap, and increasing participation rates in the financial markets by the Black community, Stackwell will help significantly lessen the brunt of the widening racial wealth gap that exists in our country today.
“At its core, Stackwell’s platform is designed specifically to overcome the fear and mistrust of the financial system and institutions in this country, and empower individuals to see a space for themselves in investing,” said Omosefe Aiyevbomwan, Stackwell’s Vice President of …….