FinTech companies launch Fintech Equality Coalition to fight racial inequality

FinTech leaders have joined forces to launch the Fintech Equality Coalition to actively fight inequality within the industry and society at large.

The working group will promote equality by providing access to the financial services provided by each company within the coalition, as well as job and career advancement for the Black community.

The Fintech Equality Coalition will also provide partnerships, education, and outreach opportunities to black communities, workers and companies.

Betterment, the smart money management company, spearheaded the initiative.

“Change is needed across the board and that includes our own industry. If we aren’t changing these inequalities, then we’re just perpetuating them,” said Jon Stein, CEO of Betterment. “Creating this coalition is the first of many steps needed to enact real, and much needed change.”

Other members of the Fintech Equality Coalition include Cadre, Carver Edison, Credit Karma, Divvy Homes, Dosh, Earnest, Fabric, Freedom Financial Network, Jetty, Kindur, Marqeta, MoneyLion, Monzo, Nova Credit, Rhino, SoFi, Spruce, Stash, Tally, and Varo. There will be opportunities for other FinTech companies to join in the future.

“I know firsthand how critically important it is that we seize this moment of social awakening to implement long-term, systemic change that creates access rather than obstacles,” said Ryan Williams, co-founder and CEO of Cadre. “Those of us in the financial services technology industry have a special understanding that social and economic justice go hand-in-hand, and I’m pleased to join the Fintech Equality Coalition’s collective commitment to lead the way with scalable change and solutions. These initial efforts are the first steps on the long and essential journey towards economic equity for all.”

Copyright © 2020 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.