Fintech startup GRIND Banking launches to become the fastest growing mobile banking solutions within the African American community
According to the U.S. Census, over 30% of African American households are underbanked, even though they make up $1.2 trillion in the U.S. consumer spending power. GRIND Banking is a new fintech startup on a mission to change the trend. Led by fintech executive B.C. Silver, GRIND is 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.
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. And that’s how GRIND was born.
Launched in early 2019, GRIND is one of the fastest-growing fintech in the community. The startup provides a unique mobile banking solution focused on the needs of African American consumers, as well as other underserved communities. GRIND was founded by B.C. Silver, who previously worked as a general manager in a large mobile banking organization.
“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.”
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.
When a customer opens a new bank account online, the startup then provides a GRIND Banking Debit Mastercard, a Spending account that works everywhere Mastercard is accepted. The card can then be managed through an easy-to-use mobile banking app.