Providing people of color with the same quality of banking services as the white community is a fundamental human right. Turns out it is a sound financial venture too.
That has been the experience of Paybby, a digital bank designed to empower Black and Brown communities to build wealth and gain full access to the benefits of banking, CEO Hassan Miah said. Founded less than one year ago, Paybby aims to improve a situation which has not changed for a long time.
Mr. Miah said the underbanked market is 55 million people, with less than $10 billion out of $20 trillion US banking assets held by Black families. Black families do have capital, but it doesn’t recirculate like it does elsewhere, with more being gobbled up by banking fees.
Have fintechs tackled the problem? Not really, Mr. Miah said. While some pay lip service to the issue the stats tell another story.
“That’s less than half of minimum wage spending,” he noted. “It’s a profitable model.”
Paybby has a long to-do list, including adding the capability to pay gig workers the same day. They also are developing remittance services for those customers sending funds to places like Nigeria or the Caribbean.
Provide people an opportunity and let them run with it, CMO Miranda Tan said, citing cryptocurrency as an example of a potential wealth generator many Black and Brown people do not have access to.
“‘Bitcoin’s surging to over $65,000. Oh there we go again we don’t have that chance to participate,’ people say,” Ms. Tan observed.
“For this community hope is a big thing.”
Paybby has a Regulation CF campaign live on Title 3 Funds. Learn more here.
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