Black Digital Bank raises $5 million in funding round

Neobank First Boulevard, a digital banking platform has reportedly raised $5 million in seed funding. The goal of the funding is to help Black communities build generational wealth and receive cashback by buying black.

The seed funding round included a group of top financial services investors like Barclays and Anthemis, and notable angel investors like Gabrielle Union, Jamere Jackson, and John Buttrick.

First Boulevard aims to increase its customer base and grow the platform by expanding its mission-driven teams. It hopes to create a black business marketplace that is profitable to black businesses, where members get Cash Back for Buying Black. It plans to grow the platform to the point of offering no-fee debit cards, financial education for members to help them make better informed financial decisions.

Members will also be able to automate their savings and wealth-building goals with the right technology to help them. The black digital bank is currently accepting customers on their early access wait-list and is expected to launch in Q3 2021.

First Boulevard’s mission is to help Black America build sustainable wealth. The platform has partnered with digital payments giant Visa to leverage their crypto APIs, providing another channel for Black America to access crypto to help build Black wealth.

Neobank’s participation in cryptocurrency is a reminder of the intersection between the Black community and digital assets. Many black cryptocurrency supporters have advocated Bitcoin and other digital currencies as a way for Black America to gain financial independence from an underserved financial system.

Following the events that led to the Black Lives Matter protest, systemic racism has once again been brought to the spotlight. Black communities are starting to refocus and recommit to building awareness platforms. Black Americans account for a relatively lower percentage in the $14 trillion collective spending power, making them massively underserved consumers of financial products and services.

First Boulevard aims to ease Black Americans of their financial underservice and empower them to build wealth, reinvest in the Black economy, and be in full control of their finances.

“History has proven that oppressed communities can succeed when their finances are centralized, and when it comes to financial services for the Black community, a centralized force is long overdue,” said Donald Hawkins, First Boulevard co-founder, and CEO. “After viewing yet another tragedy engulf the Black community and the all-too-familiar protests against persisting issues, it was beyond clear to me that the solutions Black America needs must be financially-focused and developed within our community.”

First Boulevard co-founder and COO Asya Bradley said the current financial industry doesn’t profit Blacks, neither was it designed to serve their needs. He said Black people, especially mothers are burdened with providing for their families while struggling to pay off student debt.

“First Boulevard understands the unique needs of our community so we provide early access to wages, round up savings features, plus targeted financial education and budgeting tools to improve livelihoods and build generational prosperity for Black America,” Bradley said.