Stackwell, a digital investment platform focused on the black community, has introduced its inaugural product: a robo-investing app designed to enhance accessibility, education, and support throughout the investment journey.
As a participant in JPMorgan’s 2022 Financial Solutions Lab, Stackwell successfully raised $3.5 million in a seed funding round last month, led by notable figures such as Michael Gordon, president of Fenway Sports Group, Jeremy Sclar, CEO of WS Development, and The Kraft Group.
The app, which features a $1 monthly subscription fee and a $10 minimum investment, is launching alongside strategic partnerships with multiple NBA and WNBA teams, including the Detroit Pistons, New Orleans Pelicans, Minnesota Timberwolves, Minnesota Lynx, Washington Wizards, and Washington Mystics.
Over the next three years, Stackwell and these teams will create co-branded content aimed at reaching millions, facilitate the establishment of over 3,500 new Stackwell accounts (with initial funding for local program participants), and allocate more than $250,000 to support the growth and wealth-building opportunities for Black students, entrepreneurs, creators, and small business owners in the community.
“At its core, Stackwell’s platform is designed to address the fear and mistrust of the financial system and institutions that many individuals experience,” explained Omosefe Aiyevbomwan, Stackwell’s vice president of product. “We recognized the social, emotional, and cultural barriers to entry in investing and crafted our platform to directly tackle these issues. Our model portfolios simplify the initiation process and provide guidance; our financial wellness and educational content fill the gaps in information; and our low-cost entry and subscription fees help alleviate concerns about investing without a safety net.”