These Black Founders Are Paving the Way Toward Equity in Financial Health

Over the last two decades, the Financial Health Network has built a powerful cross-sector movement to improve people’s financial lives – and it all starts with supporting those who have been left behind by our financial system. 

This focus is even more important as financial health gaps across race and ethnicity continue to widen. Our 2023 Financial Health Pulse® found that the share of Black and Latinx people who were Financially Vulnerable increased by 6 and 7 percentage points between 2022 and 2023, respectively, while there was no meaningful increase in the share of Financially Vulnerable Asian, White, or multiracial people. 

Since the beginning, technological innovation has been key to our work to change our financial system and serve people at scale. Launched in 2014, our Financial Solutions Lab (FSL) was the first cross-industry initiative of its kind: we developed a model to bring patient capital, deep financial services expertise, and national exposure to entrepreneurs building relevant, engaging, and scalable products designed to address the biggest financial problems facing consumers. In partnership with JPMorgan Chase and with support from Prudential Financial, FSL touched the lives of 33 million people through its work with 80 innovative organizations – many of whom brought their own lived experiences to tackle and dismantle the racial wealth gap. 

In honor of Black History Month, we’re spotlighting three Black founders and FSL alumni who are on the forefront of racial equity in financial health. Read on to learn how these innovators and their companies are driving a fundamental shift in our society toward financial health for all.  

The Issue
More than 650,000 Americans leave prison each year and return to their communities. Most lack a recent credit history, and at least a third have no credit history. Incarceration not only makes it challenging for these individuals to access credit, but also contributes to higher debt and financial hardship. 

Company Mission
Founded by Briane Cornish, finEQUITY is a nonprofit that helps returning citizens build their credit profiles and overall financial health through a number of products and programs, including:

• • Free online tools and services supporting post-prison financial progress, such as providing individuals with a summary of their credit report, matching individuals to no-cost credit-building opportunities best suited to their needs, and connecting individuals to a free financial coach.
  • A credit and financial capabilities curriculum delivered to incarcerated community members using technology. This curriculum is also available to prison reentry organizations to leverage through a “train-the-trainer” model.

Partnering With the Financial Health Network and Beyond
finEQUITY joined the Financial Solutions Lab’s 2022 Accelerator cohort, which focused on helping low- to moderate-income, Black, and Latinx people access and navigate financial health benefits and tools more effectively. Through the Accelerator, the company received insights that helped inform its product and program development, resources for external marketing and communications, and mentorship from Financial Health Network and industry experts. 

After working with the Financial Health Network through the FSL, finEQUITY was selected for the 2022 Reconstruct Challenge. The national competition focused on innovative solutions that would remove barriers to employment in Louisville, Kentucky, awarding finEQUITY and four other organizations with $100,000 each to carry out their work.

The Issue
For generations, Black Americans were shut out of participating in financial markets. This  deeply rooted pattern of inequity prevented millions from realizing the American dream and created a trust gap between many Black Americans and financial institutions. 

Company Mission
In 2020, Trevor Rozier-Byrd used his experience in investment banking to found Stackwell, a digital investment platform that aims to solve the racial wealth gap by providing the Black community with the tools and guidance to build lasting wealth. 

The company built a robo-advisor product that assembled automated investment portfolios based on a user’s goals and risk tolerance. The product leverages behavioral psychology to empower users, helping them understand investment fundamentals and guide them to stronger financial health.

Partnering With the Financial Health Network and Beyond
Stackwell worked with the Financial Health Network as part of the 2022 Financial Solutions Lab Accelerator. With access to financial services and financial health experts, Stackwell refined its solution and launched its first investing product. 

Soon after, Stackwell launched its Redefining Black Wealth campaign in February 2023 to showcase the meaning of “wealth” within the Black community. At the center of the campaign is a daily text program, where users can receive financial wellness affirmations and investing and general tips for living a prosperous life. Most recently, Stackwell partnered with Entergy and Single Stop to support Historically Black College and University (HBCU) students. The Power of Prosperity pilot program equips 1,500 students with a $100 seeded investment account, financial literacy coaching, and other resources that will set them up to build generational wealth.

The Issue
More than 45 million people in the U.S. are credit-invisible, which means they don’t have a credit history with one of the three major credit bureaus. Without a credit score, these Americans can find it difficult to obtain apartments, mortgages, car loans, and employment. 

Company Mission
Esusu was co-founded by Wemimo Abbey and Samir Goel to create equitable financial access by leveraging on-time rent payments to boost renter credit and narrow the racial wealth divide. Its financial technology platform helps Americans build credit through rent. Users can automatically report their on-time rent payments to credit bureaus, monitor their credit scores, and unlock free resources that help them improve their financial well-being. Esusu also offers a 0% interest rent stability program and free financial tools to help promote economic mobility and fair housing to millions, especially in marginalized areas.

The company also serves property managers and owners, who can use the platform to report resident rent payments to the credit bureaus and see real-time social impact analytics. By providing tools to both renters and landlords, Esusu helps renters establish and build credit while helping owners increase revenue, reduce evictions, and fill vacancies.

Partnering With the Financial Health Network and Beyond
In 2021, Esusu joined the Financial Health Network’s FSL Accelerator. That year’s Accelerator focused on fintech solutions that help historically underserved communities improve financial resilience and long-term stability after the COVID-19 pandemic. Esusu received capital, assistance from industry leaders, insights on measuring impact, and additional resources to support their growth. 

Most recently, Esusu reached a record-breaking milestone in bridging the racial wealth gap and dismantling housing barriers for working families. In its “2023 Year in Review” report, Esusu’s data showed that the company created over 107,000 new credit scores and unlocked $21.9 billion in capital for renters. Esusu is continuing to expand its impact with its new Esusu Resident Portal, which will provide residents with access to a free credit score and credit history, custom educational content and local social services, and special rates on financial products that can help improve their financial mobility.