FinTech aiming to close racial wealth gap raises $3.5m

Digital investment platform Stackwell has announced the closing of a $3.5 million seed funding round.

The US-based FinTech created its platform for the Black community and aims to eliminate the racial wealth gap in America.

The company said that the money will accelerate its launch plan, allowing it to rapidly reach key product development and go-to-market milestones, as well as support the hiring of key personnel.

The funding round was led by Michael Gordon, president of Fenway Sports Group, Jeremy Sclar, chief executive and chairman of WS development and The Kraft Group.

"We are excited to grow the ecosystem of support around Stackwell through this latest funding round as it will enable us to execute against strategic company objectives, scale our operations and drive impact in the Black community," said Stackwell founder and chief executive Trevor Rozier-Byrd. "At Stackwell, we believe that the racial wealth gap is the social justice issue of our time."

Rozier-Bryd added: “With the support of our investors, we are on the path towards addressing this, and other systemic social issues, by enabling more people in the Black community to build equity by owning equity."

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