These neobanks are on a mission to support underrepresented communities

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A bank for Black Americans seeks to close the wealth gap, and another helps disabled people save money without risking government benefits.

Big banks design their services for a broad customer base, but in doing so, they can fall short of serving the needs of historically marginalized communities. That gap is creating opportunities for new financial technology firms with roots in these communities.

First Boulevard: For Black Americans Nationwide protests following the deaths of George Floyd and Breonna Taylor at the hands of police motivated fintech industry veterans Donald Hawkins and Asya Bradley to build First Boulevard to support their community. First Boulevard started accepting some customers from its wait list on Juneteenth, observed June 19, which celebrates the end of slavery in the U.S. The neobank joins a growing list of Black-owned banking firms, including such companies as Greenwood, MoCaFi, and Wicket.

Cheese, named after a slang term for money, offers a rewards checking account with a 0.3% annual percentage yield, no monthly fees, two-day early direct deposit and a free national ATM network. Customer support is in English and Chinese, with more languages on the way, and people can contact the bank through the popular messaging app WeChat.

 

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