Fintech, short for financial technology, is a new class of companies that uses tech to improve and automate financial services for individuals and businesses. From Artificial intelligence and algorithms to software and apps, fintech fuses two of the economy’s biggest sectors – finance and technology.
You can get one or two books on Amazon to learn about the fintech business model. Here, we’ve curated the five list of the top black-owned fintech companies.
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Founded by Sheena Allen, CapWay is a woman and black-owned fintech company serving both Millennials and Gen Z. CapWay’s mobile banking mixes technology with social content to present finance in a way that makes sense to the next generation. With CapWay, you can do the following:
- Deposit and withdraw funds
- Virtual and physical card
- Send and receive funds
- Track transactions
- Track spending categories
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Breaux Capital is a black-owned fintech company that’s on a mission to fuse technology with culture for the improvement of black lives. The company was co-founded by Derrius Quarles, Ras Asan, and Brian L. Williams.
These three black entrepreneurs built Breaux Capital to help black men across African global African diaspora build financial wellness. The brand is a mix of community and software. Breaux Capital products and services include:
- Access to exclusive events
- Automated asset accumulation
- Curated content
- Financial coaching sessions for members
Launched by Wole Coaxum, MoCaFi is among the top black-owned fintech companies serving underserved communities in the United States. The bank launched in 2020, specifically for the over 50 million underbanked and unbanked people in the United States.
MoCafi offers FDIC-insured bank accounts, prepaid Mastercards, credit-building bill payment coaching, personal wealth coaching, and a money management app. The black-owned fintech company is helping black communities build credit, spend wisely, and live wealthy.
You can also get personal finance books on Amazon to educate yourself on managing your money.
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Co-founded by Ham Serunjogi and Majid Moujaled, Chipper Cash is a financial service company featuring a software application that allows free border mobile cash transfer in the African region. Using Chipper Cash to make cross-border transfers is as easy as sending text messages with your mobile device.
This black-owned fintech company generates revenue through crypto brokerage commissions and foreign exchange fees. Chipper Cash grew from around two million users in 2020 to over five million by 2021.
Flutterwave is a Nigeria fintech company that offers payment infrastructure for global merchants and payment service providers across the continent. Olugbenga Agboola, a Nigeria born, came up with the idea for Flutterwave.
However, he spent six years working at Google and other banks in Africa before turning his flutterwave idea into a startup. Since its launch, Flutterwave has processed $23 billion worth of transactions with brands, including Uber and Microsoft. Flutterwave is headquartered in San Francisco, but its operations are run in Nigeria’s biggest city, Lagos.
Those are five of the top black-owned fintech companies shaking up the traditionally white-dominated finance and technology industry. They’re setting the pace for other black people to rise to the top.
You can support these black-owned businesses by letting others know about them or using their services. However, if you have a startup idea but don’t know how to start, you can get books on Startups on Amazon or follow these founders on social media to learn about their journeys.
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