Multi-year strategic partnership will provide Black community access to programming and events promoting greater financial empowerment and access as a means to build wealth
Minneapolis-St. Paul, MN and Boston, MA – The Minnesota Timberwolves, Lynx and Stackwell, the digital investment platform created to eliminate the racial wealth gap, today announced a multi-year strategic partnership to increase access to investment in the financial markets, and bring financial wellness and investment education programming to the Black community in the Twin Cities. Stackwell, the Timberwolves, and the Lynx will co-host events across the region focused on financial wellness and investment fundamentals, in addition to other collaborations including programs at the teams’ practice facility designed to support local Black-affinity organizations.
Stackwell, which just released its robo-investing app built to support wealth building within the Black community, is designed to eliminate the racial wealth gap by increasing Black ownership of financial assets. Taking fear and mistrust out of the process and increasing accessibility, regardless of income or familiarity with the investment process, Stackwell empowers more individuals to enter the financial markets and grow their wealth over the long term.
“Our partnership with Stackwell is another step in advancing equity and inclusion with purpose-driven organizations,” said Timberwolves and Lynx CEO Ethan Casson. “We recognize on both local and state levels, we have one of the largest racial wealth gaps in the nation. Our relationship with Stackwell is based on alignment with their commitment to provide financial resource access and increase investment in our Black communities.”
“We are proud to partner with the Timberwolves and Lynx – two teams that remain at the forefront on social justice issues impacting their communities – to address financial access and inclusion in the Twin Cities,” said Stackwell founder and CEO Trevor Rozier-Byrd. “The racial wealth gap is the social justice issue of our time, and Minnesota currently has one of the highest racial-wealth gaps in the nation. Together, I believe we can help address this problem by empowering more people in the local Black community to leverage the power of the markets to stack and build wealth over the long term.”
According to recent studies, Minnesota has the third largest racial wealth gap in the United States, with the average Black family in Minneapolis earning less than half of the average annual income of a white family. The racial wealth gap in the U.S. is 8x for all Black families, and jumps to 17x for Black millennials and Generation Z—a problem that continues to grow more severe with each passing generation.
“Minnesota, and the Twin Cities region specifically, face significant hurdles in addressing the racial wealth gap. The opportunity to realize compounding returns by investing in the market can have a significant impact on the city and state’s ability to overcome this challenge,” added Rozier-Byrd. “We believe this partnership will create a substantial and lasting impact by engaging the community and building within it a supportive ecosystem for financial independence and generational wealth building.”
As part of the partnership, Stackwell and the teams will host dynamic financial education and wellness programming, and events to engage a broad array of local employers, social justice organizations and community groups across the Twin Cities. Events will be held at the Timberwolves and Lynx practice facility at Mayo Clinic Square. Stackwell will also be the presenting partner for the Timberwolves digital content series, Cuts, which features players in a barbershop setting talking about life and basketball, among other important topics impacting the community.
The Twin Cities have become a beacon for social justice in the U.S. Stackwell is proud to partner with the Timberwolves and Lynx on this important effort that will have a great impact on the fans and families across the region.
Stackwell Capital, Inc., is a fintech company that has created a digital investment platform for the Black community that is designed to eliminate the racial wealth gap in America. Stackwell provides the financial investment tools and guidance necessary to help build lasting wealth, equity, and equal opportunity. Stackwell is a member of the 2022 Financial Solutions Lab, and MassChallenge U.S. Early Stage accelerator programs. For more information, visit stackwellcapital.com.