The credit card giant also unveiled a partnership with Greenwood, a fintech firm aimed at Black and Latino consumers and business owners, to issue the platform s first debit cards. This is part of our broader work on financial inclusion, Mastercard president of strategic growth Michael Froman told CNBC. We want to bring all the assets of the company to the table, to engage with them, help them succeed, help them get to scale.
Fearless Fund looks to provide early financing to companies started by women of color in the technology, consumer packaged goods, food, fashion and beauty industries.
The three co-founders of Fearless Fund are chief development officer Keshia Knight-Pulliam, who played Rudy Huxtable on the Cosby Show; CEO Arian Simone, an entrepreneur and best-selling author; and COO Ayana Parsons, a veteran consultant.
Mastercard pledges millions to aid Black businesswomen with Fearless Fund
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“This is part of our broader work on financial inclusion,” Mastercard executive Michael Froman said Tuesday. File Photo by Bill Greenblatt/UPI | License Photo
April 20 (UPI) Mastercard announced on Tuesday that it plans to spend millions to help Black American businesswomen with the Fearless Fund, a venture capital project built by women of color.
The Fearless Fund provides financing to companies started by women of color. Other investors in the fund include Bank of America and PayPal.
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The investment announced on Tuesday is part of the company s ongoing efforts to aid businesspersons of color. Last year, Mastercard launched a half-billion-dollar initiative to support Black communities in the United States.
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
Tuesday, April 6, 2021
Robert Cox / Carroll County News
Joe Scott, president of the Berryville Library Advisory Board, speaks during a news conference Friday, April 1, to announce the official beginning of the fundraising effort for the construction of a new $2.5 million library building in Berryville. Library director Julie Hall said the proposed 10,000-square-foot structure is a much-needed improvement, more than tripling the space the library has in its current location.
Robert Cox / Carroll County News
Berryville residents will soon have a new place to read, research, meet, and participate in community activities.
Library staff and members of the board were joined by local elected officials, business leaders and many others Thursday, April 1, to hear a number of announcements regarding the future of the library.