BLACK IN FINTECH
“ The minority entrepreneurs who need capital to grow their businesses , and the people who control the capital , are rarely in the same room ”
EVERETT SANDS FOUNDER AND CEO OF LENDISTRY
so there ’ s no data to show their potential . But when you look at the numbers , it ’ s clear that minorities and women – especially black women – are a growing force in small business , and they ’ re growing fast .
“ More established fintechs can help by becoming incubators and accelerators for their black and brown peers . The whole industry will evolve and innovate faster as a result .”
Access to capital still a problem These systemic problems have been baked into the system , particularly in the context of wealth management , as the above research shows .
Devon Drew , CEO of DFD Partners – which provides a data-driven tech platform for asset managers – tells FinTech Magazine : “ At the outset , I recognised the dysfunction within wealth management – particularly the limited capital being managed by women and black , indigenous or people of colour ( BIPOC ) with only 1.3 %.
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