Chicago Native Aims to Close Wealth Gap by Increasing Number Black & Brown Stock Investors
Washington, D.C. -- Christopher Rogers, a Chicago native, aims to lure more Black and Brown millennial stock investors to the table with his forthcoming investment club technology. DvyUp is a mobile app that will enable users to form, fund, and manage real money investment clubs. Through this forthcoming app, users will be able to propose, discuss and vote on trades. Users will also have access to a dynamic social community by following top clubs and individuals to get real-time ideas from like-minded peers.
“The poverty rate in Chicago is 20.6%. One out of every 4.8 residents of Chicago lives in poverty, Rogers said. “In impoverished neighborhoods, we have a history of pooling finances. I remember my grandmother sharing stories about rent parties back in the day. So, DvyUp wouldn’t be a foreign concept.”
Only 84 percent of all stocks owned by Americans belong to the wealthiest
10 percent of households. That includes everyone’s stakes in pension plans,
401(k)’s and individual retirement accounts, as well as trust funds, mutual
funds and college savings programs like 529 plans.
Research shows Latinx and Black Americans invest in stocks at much
lower levels than whites with similar incomes and education. DvyUp provides
a power solution to addressing the wealth gap by making the stock market
more accessible to everyday Americans, especially those from communities
of color, by allowing investors to “divvy” up the costs of stock purchases in
social network that provides rigorous educational support and peer-to-peer dialogue.
On June 24, 2021, DvyUp kicked off its first round $50,000 equity funding campaign to bring the app to life. To date, the campaign has raised $16,500.