Nationwide -- Executives at Ingenious Financial have announced plans to raise $10 billion in capital to invest in unbanked and underserved communities. Darnell Parker, founder of Ingenious Financial, and Derek Taylor, Chief Operating Officer, say the $10 billion will fund the capital disbursement towards the following four initiatives:
• $4 billion for the financial institution and holding company
• $5 billion for technology products, smartphones, and broadband service
• $600 million to lease nationwide training facilities
• $400 million to hire 500 employees nationwide to train how to use a smartphone and teach financial literacy
According to the Federal Communications Commission’s Eighth Broadband Progress Report, "approximately one in three African Americans, 14 million still don't have access to computer technology in their homes." In addition, “35 percent of black households do not have broadband internet capabilities.” This technology gap leaves many black families at a significant technology disadvantage, with less financial security and less ability to fully participate in the broader economy.
