Digital Investment Platform Releases Robo-Investing App To Help Close Racial Wealth Gap

Stackwell, the digital investment platform working to create generational change in the Black community, announced the release of a robo-investing app.

The app is reportedly available for download in Apple’s App Store. Specifically designed with the Black community in mind, the app aims to provide tools and knowledge for building wealth.

“The release of our app represents a significant milestone in the ongoing growth and development of our company,” Stackwell founder and CEO Trevor Rozier-Byrd said in a news release.

“We are now uniquely positioned to help more people in the Black community leverage the power of the stock market to grow long-term sustainable wealth and ultimately capture a massive market opportunity by becoming the trusted provider of end-to-end financial products and services for millions of Black consumers.”

According to CNBC, a little more than one-third (34%) of Black households held equity investments in 2019. In comparison, 61% of white families had equity investments that same year. One reason for this is the significant lack of financial literacy for Black Americans.

Stackwell’s app claims to be a simple, easy-to-use resource that provides users with the necessary tools to start investing. The app has a $1 subscription fee and a $10 investment minimum, increasing accessibility in the Black community.

The app includes automated investment portfolios, in-app educational content, and intentional design and science-based recommendations to help users achieve long-term goals.

In conjunction with the app’s release, Stackwell announced partnerships with several NBA and WNBA teams, including The New Orleans Pelicans, The Minnesota Timberwolves and Minnesota Lynx, and The Washington Wizards and Washington Mystics.

The collaborations will boost community engagement through specific programming and events and create more than 3,500 new Stackwell accounts with initial funding for local program participants. Stackwell will also contribute over $250,000 to support the advancement and wealth-building opportunities for Black students, entrepreneurs, small business owners, and more.

“Stackwell is invested in Detroit, Minneapolis, New Orleans, and Washington, D.C.,” said Rozier-Byrd.

“We are excited to get to work alongside our NBA and WNBA partners, each of which is at the forefront of the social and economic justice issues impacting their communities. Together we will drive significant impact and change by increasing access to wealth-building opportunities for the local Black communities.”