Plaid announced on Thursday it has launched FinRise, an incubator program to empower early-stage entrepreneurs that are Black, Indigenous, or People of Color.
“During an internal hackathon, Plaiderdays, last summer, inspired by the Black Lives Matter movement, a group of us got together to think about how we can support adding more voices to the fintech ecosystem. After what was initially a concept and months of planning, we are excited to officially announce the launch of FinRise, a nine-month program designed to support early-stage founders who are Black, Indigenous, or People of Color (BIPOC) in launching their businesses by focusing on three key areas of support.”
Plaid revealed that while technology has come a long way to level the playing field, the reality is that many minority-owned businesses are still frequently denied access to some of the most basic resources needed to start and grow their businesses.
“According to a report by the Small Business Administration, Black-owned firms were more than twice as likely to have unmet credit needs and were often subject to more scrutiny when applying for loans. It is a shared responsibility to help power a financial system that works for everyone, and we recognize that one way to achieve that is to support and promote a diverse ecosystem of entrepreneurs.”
Following the bootcamp, participants will have access to ongoing support through a nine-month period including:
- Dedicated account manager: a day-to-day contact from Plaid who provides product best practices and helps them develop their business
- FinRise skillshare network: an internal network that founders can leverage for ongoing guidance on topics covered in the bootcamp (e.g., navigating the policy and regulatory landscapes)
- Mentorship from Plaid leaders: founders in the program will be paired with Plaid leaders who can offer guidance on the early stages of company building
- A community: a space to network and learn from other entrepreneurs in the program with the opportunity to mentor future cohorts