Black Insure is a personal finance company that serves as a digital matchmaker to underserved communities. Founded by Michael Aremu and George Oni who have been friends since highschool. They both have finance backgrounds with Michael having an MBA and working in private equity while George worked on structured buyout deals and mezzanine financing.
Inspired to make a change after the awakenings of the George Floyd protests across the country. Michael and George got talking and were looking for ways to help fight inequality across the country.
“We looked at multiple verticals but the finance verticals was the most appalling and yet the most interesting to us, maybe because for the man with the hammer every problem would look like a nail” as said by George
There was a staggering racial wealth gap in America, the median wealth for Black families $3,557 just 2% of median wealth by their counterparts. Although there were a lot of structural issues in the past that led to this, such as red lining and much more.
A big issue that did not seem to be addressed was the lack of knowledge regarding finance & finance related products, low trust between minority communities and financial institutions.
“We knew that something had to change and that is why we started Black Insure to build better bridges. By educating, leveraging technology, people and partnerships, we hope to create a better society where finance is open to everybody and it is our life’s mission to accomplish that.” said by Michael
The Black Insure marketplace provides free tools and offers 7 financial pillars of services which include: Insurance, Loans, Credit cards, Debt Solutions, Business, Banking & Investing. We tailor-make content & services in these various pillars that are specifically made and targeted to our minority demographic. They also put a twist on it to make it fun & relatable.
They have built some notable partners with big financial institutions in America from Insurance companies to Lenders, debt solution providers, brokers and much more. To learn more about Black Insure, check out their platform