10 Black-Owned Fintech Companies Narrowing the Wealth Gap - Vested

Racial injustice is embedded in our country’s DNA — and the finance space has historically shut out communities of color. So, in honor of Black History Month, we wanted to celebrate 10 Black-owned fintech companies that are shaking up the industry. 

This list isn’t exhaustive — there are millions of Black-owned businesses in the US. But it does represent a handful of fintech companies you can support today and every day.


1. Greenwood Bank

greenwood bank

Founders: Ryan Glover, Michael “Killer Mike” Render & Amb. Andrew Young

Description: Digital bank for Black and Latinx communities launching in Summer 2021

Website: bankgreenwood.com

Greenwood is a modern digital banking platform dedicated to helping Black and Latinx communities break the chains of generational poverty. It’s launching later this year and already has over half a million people on its waitlist as of February 2021! 

The bank gives back to the community by donating $10,000 each month to a Black or Latinx business. Plus, account-holders can round-up their debit card purchases and donate the spare change to the UNCF or NAACP. 

2. MoCaFi


Founder: Wole Coaxum

Description: Digital bank for underserved communities in the US

Website: mocafi.com 

Unveiled on Juneteenth 2020, MoCaFi is a digital banking platform designed specifically for the 50+ million unbanked and underbanked people in the US. In addition to low-fee bank accounts, it offers free financial coaching and homeownership counseling, as well as the ability to build credit with rent payments.

3. OneUnited Bank


Founder: John T. Hayden

Description: Largest Black-owned bank in the US

Website: oneunited.com

OneUnited Bank is the largest Black-owned bank in the US with over $650 million in assets under management. It was founded in 1968 after the death of Martin Luther King, Jr., and is on a mission to help develop urban communities and raise financial literacy. 

4. CapWay


Founder: Sheena Allen

Description: Woman-owned and Black-owned digital bank serving Millennials and Gen Z

Website: capway.co

Raised in rural Mississippi, Sheena Allen knew what it was like to grow up in an underbanked area that lacked financial literacy. She created CapWay to help other financially underserved communities get access to the banking resources they need to succeed. 

Money Management

5. Qoins


Founders: Nate Washington & Christian Zimmerman

Description: Debt pay-down app

Website: qoins.io

Nate Washington and Christian Zimmerman created Qoins after graduating college and realizing a chunk of their paychecks were going to student loans each month. The app they built allows you to automate extra payments toward your debt and even team up with a certified financial coach so you can reach your goals as fast as possible. 

6. Goalsetter


Founder: Tanya Van Court

Description: Goal-based saving and financial literacy app for families

Website: goalsetter.co 

Tanya Van Court created Goalsetter after her nine-year-old daughter asked for an investment account and a bike for her birthday. The app allows kids and parents to set savings goals, then save toward those goals with debit card round-ups and automatic deposits. 

7. BREAUX Capital

BREAUX capital

Founder: Derrius Quarles, Ras Asan & Brian L. Williams

Description: Social banking platform designed to help Black millennial men build wealth 

Website: breauxcapital.com

Breaux Capital (pronounced “bro”) is a “combination of software and community.” The online platform offers automated savings tools, accountability partners, and a suite of professional services to help Black millennial men build generational wealth and increase their financial wellness.


8. EnRichHer


Founder: Roshawnna Novellus

Description: Provides funding to women-owned and Black-owned companies

Website: enrichher.com 

EnRichHer is a lending platform that makes capital accessible to women and minority founders. The platform is comprised of accredited and non-accredited funders and also offers business coaching and a sense of community.


9. Lendistry


Founder: Everett K. Sands

Description: Lending platform for underserved urban and rural small business borrowers 

Website: lendistry.com

Lendistry is a Black-owned fintech company that provides financing to underserved small businesses. It’s a designated Community Development Financial Institution (CDFI) — and was recently tasked with dispersing $500 million in COVID-19 relief grants to struggling businesses and nonprofits throughout California.


10. Cadre


Founder: Ryan Williams

Description: Crowdfunding platform for commercial real estate investors

Website: cadre.com

Ryan Williams went to Harvard and worked at Goldman Sachs before creating Cadre — an online marketplace that connects approved sellers and accredited investors looking to build a portfolio of institutional-quality real estate.

That’s A Wrap!

These are just 10 of the many Black-owned fintech companies that are shaking up a traditionally white-dominated industry and paving the way for other people of color to rise to the top. Supporting these businesses — either by using their service or simply raising awareness about them — is just one way you can do your part in fighting racial inequality.

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