First Boulevard, a digitally native neobank focused on improving the financial livelihood of Black America, has raised $5 million in Seed funding from a group of financial services investors including Barclays and Anthemis and notable angels such as Gabrielle Union, John Buttrick and Jamere Jackson.
With its latest raise, First Boulevard aims to expand its mission-driven team, increase its customer base and grow the platform to offer fee-free debit cards, financial education, a Black business marketplace (which gives its members Cash Back for Buying Black™), and technology to help members automate their saving and wealth building goals.
First Boulevard Co-founder and CEO Donald Hawkins is a serial entrepreneur with years of experience in technology and financial services. Hawkins most recently founded Griffin Technologies, a fintech company.
First Boulevard Co-founder and COO Asya Bradley is a serial entrepreneur and most recently was a founding team member and Head of Revenue at Synapse, a platform that built banking-as-a-service APIs to help bank the unbanked of America by connecting fintech platforms to banking institutions.
“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 centralizing force is long overdue. 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,” says First Boulevard Co-founder and CEO Donald Hawkins.
“The current financial industry was not built to serve the needs of melanated people, because we were excluded from its construction. Three out of four Black mothers are breadwinners for their families, but Black women are burdened with the most student debt of any US demographic. 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,” says First Boulevard Co-founder and COO, Asya Bradley.
“Diverse talent and leadership are key ingredients to a successful financial ecosystem. The First Boulevard team have set their sights on an important segment of the market, one which current infrastructure does not support. As investors, we believe that Asya and Donald’s platform will democratize wealth in financial services and go a long way in shaping a financial ecosystem that is fit for purpose. We’re beyond thrilled to support them on their journey to growth,” says Katie Palencsar, an Investor at the Female Innovators Lab by Barclays and Anthemis.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.