Stackwell, the digital investment platform designed to eliminate the racial wealth gap, and Fintech in Action, a social impact initiative that accelerates progress, innovation, and opportunity for Black talent in finance and fintech, today announced the launch of a new financial wellness program supporting historically Black colleges and universities (HBCU) students. The pilot program will provide a cohort of Spelman College students with a finance and investing course plus a seeded Stackwell account to begin building wealth during their college careers.
The first cohort of students comprises 16 Spelman sophomores who won the Braven Accelerator Capstone Challenge funded by Fintech in Action coalition members Zogo Finance and MEMX. Each winner will receive their own seeded Stackwell account with $250 to begin their investment journey. Additionally, students will participate in Stackwell workshops that focus on finance and investing fundamentals to help them start to build wealth while in college. With the support of coalition member, Apex Fintech Solutions, Fintech in Action and Stackwell will be tracking student progress over three years to assess how students can build sustained wealth over time. The program’s goal is to provide access to the financial markets, a foundational investment education, and ongoing support and resources to enable and empower the students to grow their investments over time. Students will graduate with all the funds they have amassed, providing a solid financial foundation as they begin their professional careers.
“Fintech in Action is thrilled to partner with Stackwell to build and launch this new initiative,” said Korene E. J. Smith, Director of Fintech in Action. “Going into the Braven Capstone Challenge, I wanted our sponsorship to offer a challenge question and prize that made an impact beyond the classroom. We truly believe this program has the potential to be scaled to larger cohorts of students and expanded across HBCUs and other colleges and universities providing access to critical and functional financial education and an understanding of the markets to countless Black students in America.”
“I am so excited that our cohort is being given the opportunity to start an investment journey while we’re still in school,” said Morgan Newson, a rising junior at Spelman. “To be provided with a program that teaches us how to be successful investors on our own, along with a seeded account is a huge deal. As a Black woman, it means a lot to have this kind of support and head start in learning how to build wealth. Being able to start years before graduation gives me leverage as I think about financial stability and my future.”
The pilot program is part of a larger strategic partnership between Fintech in Action and Stackwell, including a broad set of initiatives for Black college students and student-athletes. Beginning this Fall, Fintech in Action will be launching a national HBCU financial wellness tour with Rapunzl Investments focused on education, and investment access through Rapunzl’s stock simulator app. Stackwell will be participating in the HBCU tour, speaking at on-campus events and providing other hands-on educational programming. In addition, Fintech in Action and Stackwell are set to launch a national student-athlete name, image, and likeness (NIL) program providing financial education to help student-athletes navigate how they can save and invest their earnings to grow that wealth over time and opening up access to mentorship and career opportunities in the world of finance and fintech.
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“We are deeply committed to our work with HBCU students and student-athletes and are excited to expand access to the markets to students at Spelman College and beyond,” said Trevor Rozier-Byrd, founder, and CEO of Stackwell. “Fintech In Action offers a unique partnership opportunity where we can build new programs that will impact different student populations and help instill core investing values and behaviors from a young age. Together, we have a chance to establish a culture of wealth building and financial wellness that impacts a new generation of Black students.”