First Boulevard, a challenger financial institution devoted to serving the African American neighborhood, introduced a $5 million seed funding spherical this week. Collaborating within the funding had been Barclays, Anthemis, and quite a lot of angel traders together with actress Gabrielle Union and AutoZone CFO Jamere Jackson. Donald Hawkins, CEO and co-founder of the Overland, Kansas-based neobank, stated that the funding would assist First Boulevard construct out its enterprise market of black-owned SMEs for its Money Again for Shopping for Black program.
The capital may even allow the corporate to develop its group, its buyer base, and its platform. Co-founded final August by Hawkins and COO Asya Bradley throughout the George Floyd/anti-racism protests of 2020, First Boulevard anticipates launching in Q3 of 2021. Among the many neobank’s preliminary choices will likely be a no-fee debit card, options to automate financial savings and wealth-building, in addition to monetary schooling sources.
As we famous final month in our Black Historical past Month take a look at African-American based mostly digital banks, the fledgling challenger financial institution already has cast an progressive partnership with Visa. First Boulevard will pilot a brand new suite of Visa’s crypto APIs that allow the buying and selling and custody of digital property.
“The First Boulevard mission is to assist Black America construct wealth,” Hawkins stated final month when the initiative was introduced. “We’re thrilled to accomplice with the chief in digital funds, Visa, and leverage their crypto APIs to supply one other channel for the Black neighborhood to entry crypto as a brand new asset class that may assist construct Black wealth.”
First Boulevard’s participation within the cryptocurrency venture is a reminder of the rising intersection between the African American neighborhood and digital property. A rising variety of black observers of and individuals within the cryptocurrency area have advocated Bitcoin and different digital property as a means for African People to realize independence from a monetary construction many consider is systemically stacked in opposition to them.