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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.
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"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 Product. "We identified the social, emotional and cultural barriers to entry, and built the platform to address each one head-on. Our model portfolios facilitate the process of getting started, and address lack of guidance and proximity to the markets; our financial wellness and education content answer for the lack of information; and the low-cost entry and subscription fees help assuage heightened risk aversion and concerns people have about investing without a safety net."
In conjunction with the app release today, Stackwell announced a series of multi-year, strategic partnerships with several NBA and WNBA teams: The Detroit Pistons, The New Orleans Pelicans, The Minnesota Timberwolves and Minnesota Lynx, and The Washington Wizards and Washington Mystics. These partnerships will facilitate community engagement through unique programming and events designed to increase investment education and access to investment in the financial markets as a means to grow the wealth of the local Black communities. Over the next three years, Stackwell and the teams will develop co-branded content reaching several million people on local and national levels, open up over 3,500 new Stackwell accounts, all pre-seeded with initial funding for local program participants, and contribute over $250,000 back into the local communities to support the advancement and wealth building opportunities of Black students, entrepreneurs, creators, and small business owners, among others.
"Stackwell is invested in Detroit, Minneapolis, New Orleans, and Washington, D.C.," said Rozier-Byrd. "We are excited to get to work alongside our NBA and WNBA partners, each of which is at the forefront of the social and economic justice issues impacting their communities. Together we will drive significant impact and change by increasing access to wealth building opportunities for the local Black communities."
"Our partnership with Stackwell is another step in advancing equity and inclusion with purpose-driven organizations," said Timberwolves and Lynx CEO Ethan Casson. "We recognize on both local and state levels, we have one of the largest racial wealth gaps in the nation. Our relationship with Stackwell is based on alignment with their commitment to provide financial resource access and increase investment in our Black communities."
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"The Detroit Pistons are excited to partner with Stackwell to help provide financial literacy and education resources throughout the Detroit community," said Erika Swilley, Vice President of Community & Social Responsibility. "Stackwell's goal of providing Detroit's Black community with access to financial literacy programs aligns with the Detroit Pistons commitment to being an asset for our community and those that call it home."
"The New Orleans Pelicans are thrilled to team up with Stackwell on this new, multi-year partnership. By joining forces with Stackwell, we are able to provide a platform to reach and empower more members of the Black community across New Orleans and the Gulf Coast region," Dr. Darvelle Hutchins, Senior Director of Culture, Diversity, and Inclusion at New Orleans Saints and Pelicans.
"The Wizards and Mystics brands and athletes have long championed issues of social justice and change and this collaborative initiative is a perfect extension of that work," said Jim Van Stone, President of Business Operations & Chief Commercial Officer at Monumental Sports & Entertainment. "Partnering with Stackwell to help address the racial wealth gap which disproportionately effects Black people is another example of how our teams support our fans across the DMV while addressing a major social issue of our time."
Stackwell, which recently announced the closing of its $3.5 million seed round, led by Mike Gordon of Fenway Sports Group, Jeremy Sclar, CEO and Chairman of WS Development and The Kraft Group, will continue to build off of the momentum of its app release and NBA and WNBA partnerships to grow the ecosystem of support around the company, enabling execution against strategic company objectives, scaling of operations and driving impact in the Black community.
To download the Stackwell app, visit the App Store. For more information, visit stackwellcapital.com.
Stackwell Capital, Inc., is a fintech company that has created a digital investment platform for the Black community that is designed to eliminate the racial wealth gap in America. Stackwell provides the financial investment tools and guidance necessary to help build lasting wealth, equity, and equal opportunity. Stackwell is a member of the 2022 Financial Solutions Lab, and MassChallenge U.S. Early Stage accelerator programs. For more information, visit stackwellcapital.com.
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Filed Under: Business
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