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Solidarity in action

We are helping close the racial wealth and opportunity gap for black communities across America

As a part of our journey to build an economy that works for everyone, everywhere, we are investing $500M in Black communities over the next five years. We believe in doing well by doing good and as a result are committing to connect 1 billion people to the digital economy by 2025. This pledge is an extension of those efforts, connecting Black businesses to products, services, technology and financial support that will help to close the racial wealth and opportunity gap.

With half of all Black Americans excluded from the financial mainstream and Black-owned small businesses blocked from funding, we’re working to deliver immediate impact for Black communities by focusing on these three areas:

01. Expanding city programs to support black communities
02. Affordable financial tools and services
03. Capital and resources for Black-owned businesses

City Spotlights

In collaboration with city leaders, we are working to enable 1 million residents with digital access to essential financial tools and support

New York City 

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St. Louis

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Atlanta

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PARNTER SPOTLIGHTS

Investing in Black founders


Mastercard is investing directly in Black and minority-led startups and increasing procurement with Black-owned businesses. These investments are designed to have a catalytic impact on economic growth for Black communities.

 

Greenwood

In Atlanta, Mastercard has made a capital investment in Greenwood, a new, minority-owned Fintech founded by Killer Mike, former Atlanta mayor Andrew Young, and Bounce TV founder Ryan Glover, launching a robust mobile-banking program targeting the mass-affluent African-American community. Greenwood’s core mission is to foster new wealth generation and financial education, inclusive of Black and Brown prosperity. Greenwood selected Mastercard as its network of choice in bringing its first financial offering to market. The Greenwood matte black debit Mastercard will provide cardholders a digital-centric user experience along with innovative giveback programs focused on supporting Black and Latino causes and businesses.

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Goalsetter

Tanya Van Court’s Goalsetter app, launched in 2019, combines a savings account, financial literacy lessons and a Mastercard-powered debit card to help teach children, particularly children of color, how to save and manage their money. Kids with savings accounts are six times more likely to go to college, she says, viewing Goalsetter as a starting point for closing the racial wealth gap in America.

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MoCaFi

Founded by former Wall Street banker Wole Coaxum, MoCaFi, short for Mobility Capital Finance, extends financial tools and access to credit to people of color who are vastly undeserved in banking. Mastercard has recently invested in the company to help address these inequities and provide alternate financial services to underserved communities with a specific focus on providing tailored digital tools, and new payment cards to low wealth minority and Black communities.

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Fearless Fund

Women of color are an entrepreneurial force, statistics show, but they receive less than 1% of venture  capital. Arian Simone, a former PR powerhouse, closed her company in 2018 to bring more opportunities to fellow women of color by co-founding Fearless Fund, which invests in businesses seeking pre-seed, seed level or series A financing across industries. To help further access to funding for Black women, Mastercard made a capital investment in Fearless Fund. The investment will allow Fearless Fund to further expand their portfolio of women of color-founded and co-founded companies in the consumer packaged goods, food & beverage, beauty, fashion, and technology sectors. The social impact of the investment will also have a significant role in job creation and wealth distribution in underserved communities.

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Browse

Stories, blogs, thought leadership, and more

 

Story
A year of solidarity

In the wake of nationwide racial justice protests, we expanded our commitment to using our talent and our resources to combat racial discrimination and to create equal opportunities for all.

Blog
What equity means to me

“Equity is what makes us all accountable,” says Randall Tucker, Mastercard’s Chief Inclusion Officer. “It’s what makes this a team effort, not just the mission of a vocal few.”

Story
Elevating Atlanta’s Black entrepreneurs takes a ‘Village’

This Atlanta nonprofit gives Black business owners the training to grow. ‘Support is a verb,’ its founder says.

Blog
How I became the investor of my dreams

Empowering businesses owned by women of color makes the economy stronger, says Arian Simone, the co-founder of Fearless Fund.

Podcast
Inside the Circles podcast: The power of HBCUs in closing the Black leadership gap

In Mastercard’s podcast on the future of work, three alumni of HBCUs discuss how the experience shaped them, expanded their networks and gave them opportunities to rise in corporate America.

Story
Black-owned restaurants have supported their neighbors. Now they need help

The heart of Black neighborhoods, these restaurants have struggled during the pandemic. Their closures could leave an outsized hole – but there is hope.

Story
A small D.C. daycare takes its first steps to recovery

Data suggests that Black-owned businesses are less likely to receive PPP loans than white-owned ones. These banking nonprofits are helping Black entrepreneurs get the credit they need.

Story
How DA SPOT NYC pivoted to survive the pandemic

Michelle Cadore opened her boutique to showcase Black designers, who often struggle to get picked up by major retailers. Then she struggled to keep her own business going.

Blog
How can marketers cultivate a more inclusive culture?

Great marketers not only listen carefully to consumers’ needs and wants, but reflect their voices and put brand values into action.

Our partners

We are partnering with dedicated community leaders and institutions to help close the racial wealth and opportunity gap