The program is designed exclusively for Black women business owners in the Fintech or workforce development industries, with a portion being veteran or veteran spouses, providing them with the necessary training, mentorship, knowledge, and skills to gain access to capital.
Mastercard is expanding partnership with Black-owned venture capital fund Fearless Fund in its joint mission to fund and support Black women-owned businesses.
Mastercard Continues Support For Black Women Entrepreneurs
HARRISON (dpa-AFX) - Mastercard is continuing its support for black women entrepreneurs with a multi-million dollar investment in a venture capital firm built by women of color for women of color. The payments company will invest in VC firm Fearless Fund as part of its Strivers Initiative that reinforces commitment to black women-owned businesses across the U.S.
Strivers Initiative is a consumer-facing platform that elevates the visibility of Black female business owners overcoming obstacles to maintain and grow their business, as role models for the community and future generations. Mastercard announced the Strivers Initiative in mid-February.
Investment continues company’s Strivers Initiative elevating and supporting Black, women entrepreneurs
Black women are building and growing businesses faster than any other segment and yet receive less than one percent of venture capital funding. In addition, only three percent of the people actually leading investments at VC firms are Black according to the National Venture Capital Association. To help further access to funding for Black women, Mastercard today announced a multi-million dollar investment in Fearless Fund, a venture capital fund built by women of color for women of color.
“The significant investment gaps in women-founded companies, which is especially acute for Women of Color, holds everyone back,” said Michael Froman, president of strategic growth, Mastercard. “The need to narrow this gender and racial disparity is critical in driving forward innovation and fueling inclusive, sustained economic recovery across our country. We are investing in Fearless Fun