Mobile Banking Solution Focuses on African American Community, lead by Veteran Fintech Executive
LOS ANGELES--(BUSINESS WIRE)--#BankBlack--GRIND Banking is becoming the fastest-growing fintech in the community with seasoned fintech veteran, B.C. Silver at its helm. Launched in early 2019, this unique mobile banking solution is focused on the needs of African American consumers, as well as other underserved communities.
GRIND finds itself in a unique position as one of the few startups in the competitive landscape of the fintech industry to offer a product designed around the financial needs of the African American community; which by all accounts has fallen to the wayside as startups battle to dominate over mass-user acquisition. The U.S Census considers over 30% of African American households as underbanked, even though African Americans make up $1.2 trillion in consumer spending power.
Headquartered out of South Central L.A.’s Crenshaw District’s famed Vector90 offices, GRIND aims to address the issue of unbalanced accessibility to banking within the African American community. GRIND will provide its members FDIC insured debit accounts, and a mobile banking app that conforms to the needs of the user. Customers have the opportunity to get paid 2 days earlier as well when they set up direct deposit with GRIND. There are no overdraft fees, no ATM fees, and no monthly fee options available for different tiers of the account.
In January 2017 a void was created when Russell Simmons’ RushCard was sold to Green Dot.There was no longer a large-scale national black-owned solution to service the vastly underserved African American banking consumer. Enter, GRIND Banking.
GRIND Banking founder, B.C. Silver, who previously worked as a general manager in a large mobile banking organization, is optimistic about GRIND’s mission and future, “My commitment is to the success of the community, their desire for a better future and financial equality," he started. "Being orphaned at an early age and growing up within an underprivileged system provided clarity and vision for what my community has been lacking and inspired me to drive change. My years as a Fortune 100 executive within consumer brands and fintech companies have provided the ability to make an infrastructural difference. Financial freedom and equality is a right for all; with GRIND that's exactly what we'll achieve."