Stackwell Launches Robotic Investing App to Close Racial Wealth Gap

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Stackwell, a digital investing platform targeting the black community, has launched its first product, a robotic investing app, which promises to promote accessibility, education and support throughout the investing process.

A member of JPMorgan’s 2022 Financial Solutions Lab, Stackwell raised $3.5 million in a seed funding round last month led by Michael Gordon, President of Fenway Sports Group, Jeremy Sclar, CEO of WS Development, and The Kraft Group.

The release of the app, which comes with a monthly subscription of $1 and a minimum investment of $10, coincides with a series of multi-year strategic partnerships with several NBA and WNBA teams: the Detroit Pistons, New Orleans Pelicans, Minnesota Timberwolves and Minnesota Lynx, and Washington Wizards and Washington Mystics.

Over the next three years, Stackwell and the teams will develop co-branded content reaching millions of people locally and nationally, open more than 3,500 new Stackwell accounts, all pre-seeded with seed funding for local program participants, and will contribute more than $250,000. in local communities to support opportunities for advancement and wealth creation for Black students, entrepreneurs, creators and small business owners, among others.

“At its core, Stackwell’s platform is designed specifically to overcome fear and mistrust of this country’s financial system and institutions, and enable individuals to see a space for themselves in the investment,” said Omosefe Aiyevbomwan, vice president of products at Stackwell. “We have identified the social, emotional and cultural barriers to entry and built the platform to tackle them head-on. Our model portfolios facilitate the start-up process and address the lack of advice and proximity to markets; our good – being financial and education content addresses the lack of information; and low entry and subscription fees help alleviate increased risk aversion and people’s concerns about investing without a net of security. ”

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