HBCU Tech Founders Launch Equity Crowdfunding Campaign To Develop Investment Club App
Millennial Black Tech Founders Aim to Close Wealth Gap by Increasing Number Black & Brown Stock Investors
Washington, D.C. -- HBCU tech founders aim to lure more Black and Brown millennial stock investors to the table with 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.
Many communities of color are not participating in the stock market due to the lack of education and the risk associated with a fluctuating market. 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. Founders Michelle Janaye (‘07) and Jeffrey Chance (‘09) are both graduates of Howard University.
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