Financial Literacy Meets Technology

In the age of technology, users are used to gaining assistance at the click of a button. Apps are ever-evolving and provide the ability to access information in an instant. Merging money management with technology, developers are building apps to provide financial assistance without the hassle of in-person meetings.

Access to financial assistance is a major stumbling block for African Americans. With implicit biases in banking and barriers created by systemic racism and discrimination, the ability to receive financial assistance and opportunities dwindles for Black consumers. However, African American developers are getting into the business of creating platforms specifically geared towards assisting other African Americans in their quest for equal financial services.

Based in Atlanta, CapWay Inc. is a financial technology startup founded by Sheena Allen which helps users obtain a bank account. Announcing in October 2021, the launch of its neobank, the company’s main service, users will be able to make online transactions, send and receive money and round-up change with each transaction to help reach personal financial goals.

“As a founder from a rural, underbanked community, I recall discussing the impact of the cashless economy years ago when CapWay was in the idea stage. We then went into stealth mode and considered and understood the forever impact of COVID-19 on banking. And with that, we are ready to bring innovation to the financial service industry for those who need it and deserve it the most,” said Sheena Allen, CEO of CapWay, Inc., in a press release.

The app allows users to sign up for an account and utilize the platform’s many financial services. In addition to providing access to banking, the app allows consumers to gain financial content and education. The Learn Money product contains articles, videos, infographics on finances. The company’s financial literacy program, creatively called Phunds, is available to a variety of business entities and individuals. CapWay also offers ways to network with other users on financial topics through its Money Talks property.

“There are many financial gaps in the traditional banking and financial system. Whether it is income, access, digital or information gaps, they all impact the working-class Americans ability to get ahead,” said Allen in the release. “My vision for CapWay is to build an inclusive financial system and offer access and opportunity to everyone — especially those who have been misunderstood, overlooked and underserved. We have to start at the root of the systematic challenges and address those issues by first filling the gaps to allow people to improve their financial health and ultimately help them create generational wealth.”

Adults are not the only group looking to be more financially savvy. Young entrepreneurs are also getting in on the action and looking to learn the financial ropes early. Goalsetter, a fintech platform, was launched to help families and K-12 children with access to banking, savings, investing and financial education.

As the wealth gap continues to grow, the brains behind Goalsetter believes minority youth are the key to leveling the financial system playing field. The app allows youth to earn money through financial quizzes with its Learn to Earn feature and gives parents the power to freeze their student’s debit card if their child has not won their financial quizzes for the week with the Learn Before You Burn option.

“Wealth disparities in the United States are vast and prevalent in every corner of our country,” said Tanya Van Court, Goalsetter founder and CEO. “If we want to transform the bell curve of wealth in our society, we need to start by ensuring that the next generation of Americans are savers, investors and owners. The work starts by giving them early access to financial tools, and making financial education relatable, fun and accessible, and that is what Goalsetter achieves.”

Financial knowledge can be a game changer for Black communities across the country and abroad. Affording the opportunity to learn while on the go, apps create platforms and opportunities of ease for Black entrepreneurs and those looking to simply get ahead financially.