Digital bank Tenth targets Black America

Digital bank Tenth targets Black America

Tenth, an "unapologetically black" digital neobank is gearing up for launch with the mission of eradicating the wealth gap for Black America.

The Black Lives Matter movement has led to a renewed focus on America's wealth gap and the financial services industry's role in it.

Civil rights legend Andrew Young and rapper Killer Mike recently raised $3 million for Greenwood, a digital banking platform for Black and Latinx people and business owners, while media company Urban One has opened a digital bank account that rewards users for shopping at Black-owned businesses.

Now entering the fray is Tenth, named for W.E.B. DuBois' book The Talented Tenth, which argued for using the best "negro" minds to educate and lead the Black community for the general uplift of all.

Co-founded by Asya Bradley, who has previously worked at fintechs SilaMoney, Socure and Synapse, and Donald Hawkins, founder of Griffin Technologies, Tenth aims to help "ERASE the wealth gap for Black Americans through legit financial education".

With a waitlist now open for a planned fourth quarter launch, Tenth is promising an app that lets users set savings goals, track expenses, get financial education, and access insurance wealth management and other services via a marketplace. Users can also support historically black colleges and universities via a roundup feature.

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