OurBanc is a Black owned banking app that aims to dismantle the systemic barriers that America’s financial system has traditionally embraced with banking,
The company is built with the fundamental purpose of creating a fair and equitable relationship between individuals and financial services that enables everyone to view, manage, move, and grow their money to improve their financial health and end the perpetual deterioration of wealth in underserved communities.
We caught up with OurBanc CEO and funder, David Dwumah to find out more.
What experiences inspired you to start OurBanc?
We believe that the promise of fair and accessible services heralded by technology is yet to be fulfilled, especially for black and brown communities.
Growing up in Ghana, I was fascinated by Susu. In this non-formal community-based savings practice, family and friends borrow and lend money to each other. Today, I am amazed by how cellphone-based mobile money efficiently and exponentially connects the “unbanked” and “underbanked” with banking services, thus radically transforming their lives.
Founding OurBanc is a culmination of my lifelong observation and belief in the power of people helping people, the use of the right technology to better the lives of others, and my firsthand experiences as an immigrant and black consumer.
In what ways do you feel your company can help users improve their financial health?
We believe that society is at an inflection point. The social justice and pandemic events of 2020 have shown that our economic and social environments are ready for meaningful change. The technology needed to create positive solutions is now more affordable and widely available.
We believe open banking will be the foundation of fairness and inclusion that better serves the unbanked and under-banked communities. A fitting example of how we plan to use open banking is to provide short-term loans. We plan to offer fairer short-term loans without hidden fees such as “tips” and payment terms based on a member’s ability to repay the loan and not limited to just credit scores.
Where do you see your business in 5 years?
In 5 years, we expect to share the results of what we have done to help provide minority-owned companies and underrepresented founders access to patient and mission-aligned capital. I recently became a member of the Council for Inclusive Capitalism. We commit to doing our part to significantly ease minority-owned companies’ access to patient and mission-aligned capital.
According to FDIC surveys, sixty million Americans spend $3,000 a year on payday loans, check cashing, ATM fees, and more. That is not right. Our goal is to reduce this by at least $1000 over the next five years for the members of OurBanc. We are confident that we can inspire FinTech for good and help accelerate meaningful change within the industry.
What advice do you have for aspiring entrepreneurs?
Find your purpose, nurture the right relationships, and develop the grit to see you through the challenging times!
How can we support you today?
We believe in the equality of opportunity for all. That is why we are building a community-driven Fintech where everyday people can be valued customers and potential owners and co-creators of our solutions. By Crowdfunding, we believe we are doing our part in the democratizing of the early-stage investment process.
We invite the Shoppe Black community, friends, and allies to be part of this special moment by visiting our pitch page here https://wefunder.com/ourbanccorporation.
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