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 $500 million 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
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.Learn more
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.Learn more
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.Learn more
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.Learn more
Voices from Birmingham
Avrie and Phillip Powell, the entrepreneurs behind Birmingham’s Aww Shucks gourmet corn, grew from a food truck to a brick-and-mortar store by connecting to digital training and other resources through Mastercard’s In Solidarity commitment to reduce the racial wealth and opportunity gap.
A new challenge unlocked the innovative power of these universities to solve community challenges, from emergency response to waste management to tourism.
Uplift, launched last year, brings together Black executives and employees for career guidance, support and a greater sense of belonging.
The city’s small business owners were at the heart of the civil rights struggle, and they can be key today in narrowing the racial wealth gap.
Natalie Madeira Cofield, who recently led the U.S. Small Business Administration’s efforts to support underrepresented business owners, shares her insights.
Atlanta’s Erica Gamble has grown her small business by serving people suffering from hair loss: ‘This is a business, but this is also a ministry.’
Their great-grandmother farmed cacao in the Caribbean. The founders of Sol Cacao are using tech to expand their chocolate empire.
The discovery of a lost slave ship unearths a trove of stories about the genesis of a Black community — and raises questions about equity and inclusion today.
Amanda Kinsey-Joplin, who won an exclusive pop-up for her award-winning wings and ribs at the PGA Tour Championship next week, is changing the face of barbecue.
Kelly Ifill specialized in helping Black tech entrepreneurs raise capital. Then she realized that the challenge extended to most Black business owners.
Bernadine Birdsong reinforces her love of community through Michael's, her family's fine-dining restaurant.
Briann Battle cultivated her business skills through a South Los Angeles entrepreneurship program, helping expand her business supplying fresh produce in neighborhoods known as ‘food deserts.’
Black entrepreneurship is on the rise as founders find their way around financial roadblocks.
A national nonprofit that connects people in need to essential public benefits is now using tech and texts to help high school seniors find money for college.
A new program pairs mental health counselors with police officers to give people in crisis the help they need, keeping them out of ERs and jails. Data analytics shows it's working.
Founder Ashton Keys says the old NCAA rule prohibiting such deals put Black athletes — about half of all Division I men’s basketball and football players — at a particular disadvantage.
“You have to be able to roll with the highs and the lows,” says clothing designer Michelle Cadore, who embraced digital during the pandemic and saw sales skyrocket.
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.
Inspired by group savings clubs in Asia, Africa and Latin America, two American women are modernizing this tradition to help people build wealth better together and give the underbanked more opportunities to thrive.
As data increasingly guides decision-making in many parts of our lives, Howard is establishing a new center to train the next generation of data scientists.
“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.”
A diversity, equity and inclusion strategy done right will make a good company great, Mastercard's Chief Inclusion Officer Randall Tucker says. Here are three things to keep in mind.
Dana Cox, a senior vice president at Mastercard, is honing her leadership skills and bringing new perspectives through a program that connects Black and women leaders with nonprofit boards.
This Atlanta nonprofit gives Black business owners the training to grow. ‘Support is a verb,’ its founder says.
Empowering businesses owned by women of color makes the economy stronger, says Arian Simone, the co-founder of Fearless Fund.
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.
The heart of Black neighborhoods, these restaurants have struggled during the pandemic. Their closures could leave an outsized hole – but there is hope.
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.