Digital Investment Platform Stackwell Introduces Robo-Investing App

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Stackwell, the digital investment platform created to eliminate the racial wealth gap,  announced the release of its first product, a robo-investing app, which is currently “available for download in the App Store.”

Designed for the Black community, the app focuses on “promoting accessibility, education, and support to help encourage individuals to participate in investing and build sustainable wealth.”

Stackwell founder and CEO Trevor Rozier-Byrd said:

“We are now uniquely positioned to help more people in the Black community leverage the power of the stock market to grow long-term sustainable wealth, and ultimately capture a massive market opportunity by becoming the trusted provider of end-to-end financial products and services for millions of Black consumers.”

As noted in the update, the Stackwell app “provides users with all of the necessary tools to begin their investment journey.” The $1 monthly subscription fee and $10 investment minimum is “designed to increase accessibility across the income spectrum within the Black community.”

The app is comprised of:

  • automated investment portfolios, recommended based on user-specific goals to help individuals invest with confidence;
  • in-app educational content that demystifies investing so users can grow their knowledge and their wealth; and
  • intentional design and science-based nudges to help users stay committed, stay consistent, and achieve their long-term wealth building goals and objectives.

By narrowing the underinvestment gap, and increasing participation rates in the financial markets by the Black community, Stackwell will “help significantly lessen the brunt of the widening racial wealth gap that exists in our country today.”

Omosefe Aiyevbomwan, Stackwell’s Vice President of Product, commented:

“We identified the social, emotional and cultural barriers to entry, and built the platform to address each one head-on. Our model portfolios facilitate the process of getting started, and address lack of guidance and proximity to the markets; our financial wellness and education content answer for the lack of information; and the low-cost entry and subscription fees help assuage heightened risk aversion and concerns people have about investing without a safety net.”

In conjunction with the app release today, Stackwell announced “a series of multi-year, strategic partnerships with several NBA and WNBA teams: The Detroit Pistons, The New Orleans Pelicans, The Minnesota Timberwolves and Minnesota Lynx, and The Washington Wizards and Washington Mystics.”

These partnerships will “facilitate community engagement through unique programming and events designed to increase investment education and access to investment in the financial markets as a means to grow the wealth of the local Black communities.”

Over the next three years, Stackwell and the teams will “develop co-branded content reaching several million people on local and national levels, open up over 3,500 new Stackwell accounts, all pre-seeded with initial funding for local program participants, and contribute over $250,000 back into the local communities to support the advancement and wealth building opportunities of Black students, entrepreneurs, creators, and small business owners, among others.”

Stackwell, which recently announced the closing of its $3.5 million seed round, “led by Mike Gordon of Fenway Sports Group, Jeremy Sclar, CEO and Chairman of WS Development and The Kraft Group, will continue to build off of the momentum of its app release and NBA and WNBA partnerships to grow the ecosystem of support around the company, enabling execution against strategic company objectives, scaling of operations and driving impact in the Black community.”