The murder of George Floyd last May ignited many things in the United States last year — one of which that was perhaps unexpected: a rise in the number of digital banks targeting the Black community.

“After viewing yet another tragedy engulf the Black community, and the all-too-familiar protests against persisting issues,” Hawkins said, “it was beyond clear to me that the solutions Black America needs must be financially focused and developed within our community.”.

“We also took a hard look at some of the existing digital banks to really see who was really going about it in the same way that we felt like America needed, and it was pretty clear at that point, that no one was really attacking the issue of helping Black America build some level of financial stability through the form of a wealth-building play.”.

“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,” Hawkins said.

We want to connect our members to wealth-building assets such as micro investments like money market accounts, high-yield savings and cryptocurrency — things that Black America has largely been blocked from,” Hawkins said.

Palencsar believes that First Boulevard’s mission of helping Black Americans not just bank, but actually build wealth, is unique in the market

and wants to build a digital banking platform that addresses the systemic and structural challenges that face this population while enabling Black Americans and allies to invest in the community,” she said

First Boulevard is one of several digital banks geared toward Black Americans that have emerged in recent months

Paybby, a digital bank for the Black and brown communities, recently acquired Wicket, a neobank that uses AI and biometric technology to create a personalized experience for users

Hassan Miah, the CEO and founder of Paybby, said the bank’s goal is to be “the leading smart, digital bank for the Black and brown communities.”

At the time, co-founder Ryan Glover, founder of Bounce TV network, said it was “no secret that traditional banks have failed the Black and Latinx community.”