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Africa continues to be a prime destination for digital banking! According to TechCrunch, Finclusion Group, the company using AI technology to provide African customers with financial services, has raised $20 million in a debt and equity pre-Series A financing round. The move comes on the heels of the emergence of neobanks that continue to grow at rapid rates in various countries within the continent.
Your paycheck helps you live, but accumulating wealth takes more than a steady 9 to 5 with a nice salary. The average millionaire has seven streams of income. Rather than solely earning a salary from a single occupation, financial prosperity is generated by multiple investments that earn money without requiring active work, also known as passive income. If you’ve ever heard someone say, “it takes money to make money,” or something along the lines of, “rich people make money in their sleep,” you’ve heard about passive income. Take a look at the first Black female and male musicians to reach billionaire status, Rihanna and Jay-Z. Rihanna went nearly bankrupt then grew a $600 million net worth. The majority of Jay-Z’s income is the result of smart investments and business ventures, such as clothing lines, sports teams, music streaming and restaurants. The path to wealth building is rarely that straightforward, however. The racial wealth gap offers some proof. According to the 2019...
The global neobanking market is expected to reach an estimated $723 billion by 2028, according to Grand View Research. As more people handle their finances online, the neobanking industry has been getting a lot of love, but what are neobanks anyway? Neobanks are digital-only financial institutions that operate similarly to traditional banks, but without physical branches, The Balance explains. You typically access neobanks through mobile applications and online platforms. While neobanking can be convenient, have lower costs and are more easily accessible, they don’t have the same accreditation as traditional banks and are regulated much less. Above all, neobanking requires access to technology and internet, a luxury that not everyone has. Another thing to think about with neobanking is that even with access to technology and internet, consumers have to be comfortable and trust tech in order to invest in using online-only banking systems. Some neobanks like N26, Atom Bank and Monzo...
This month, First Boulevard — a digitally native neobank building generational wealth for Black America — announced a joint initiative with actor, and media personality, Terrence J, who is their Strategic Advisor of Financial Education. Together, they will empower HBCU students through financial literacy efforts. According to a press release shared with AfroTech, the two entities have joined forces to kick off Project Tassels — 1,000 students, 1,000 degrees, 1,000 new outlooks on life. The new financial education initiative — also being spearheaded by Terrence J — aims to educate HBCU students about various finance topics, including credit scores, student loans, credit cards, life off-campus and the importance of budgeting and savings, through a video series. Simply put, First Boulevard describes Project Tassels as a program that’s helping “1,000 Black students reclaim their stranded credits” — which is the case when a student earns college course credits but cannot claim them due...