Fintech In Action Invests $1.7 Million to Spur Black Equity in Finance

Fintech In Action (“FIA”), a coalition dedicated to accelerating progress, innovation and opportunity for Black students and professionals in finance and fintech — has made considerable advancements over the past year, following a $1.7 million investment to create Black equity in finance.

The coalition (comprised of financial firms, community stakeholders, fintech organizations and the like), has more than doubled its participating partners, and has cemented its stake as a resource for Black talent across the industry.

Formed in June 2020, the FIA coalition was a response to the industry’s need to prioritize racial equity and inclusion. Due to ongoing and heightened inequities, FIA set forth a strategic plan to garner like-minded, action-oriented partners, to increase inclusion of Black students and professionals within the fintech and finance industries. FIA objectives were targeted by focusing on the systems of pipeline, hiring, promotion and retention.

“There is not a lack of talent in the Black community, but a lack of opportunity,” said William Capuzzi, CEO of Apex Clearing, one of FIA’s founding partners. “Together, along with all of the other FIA coalition members, we’re investing in the future of what ought to be. Our desire is to make our industry one of inclusion for all those who choose to make it their livelihood. It takes more than writing a check. More than a social media post. More than words– it takes action.”

In just one year, FIA has honored its commitment to racial equity and inclusion, and has achieved the following plus more:

• Doubling the number of partners and participating firms. The coalition began with 18 firms and has now more than doubled. View the growing list here.

• $1.7 Million in funding invested, with $1 Million invested to the Greenwood Project (a Chicago-based non-profit organization dedicated to creating successful career pathways in financial services for young, high achieving minority students).

• All Greenwood Project seniors are negotiating multiple full-time offers for employment.

• 160% increase of Greenwood Project’s internship cohort

• 250+ students served from 4 cities (Houston, Dallas, New York City, Chicago)

“FIA has made incredible strides during its first year. Although we’ve witnessed growth, there is much work to do in creating economic equity for Black students and professionals in finance. This is only the beginning,” said FIA Executive Director Michelle Williams. “Despite the challenges ahead, we are incredibly thankful for our current partners and look to acquire additional support from financial firms, community stakeholders and others, in order to drive systemic change. We are committed to the work and look forward to the impact that FIA, its partners and supporters will have on the industry for the future.”

FIA will continue its trek by further enlarging its coalition and partners, as it seeks to expand to new action-based programs and initiatives in the year to come. With a strategic emphasis on more place-based partners for internships, job placements, education and exposure, FIA’s goal of effectuating growth for Black talent within the financial services and fintech industries, is set to achieve considerable impact for the remainder of 2021, into 2022, and beyond.