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Fintech coalition fights racial inequality

When the Black Lives Matter movement gathered momentum in the wake of George Floyd's killing in May, many within the fintech sector realized that the black community has been underserved by financial services.

The Fintech Equality Coalition, spearheaded by Betterment, was formed recently to actively fight inequality within the financial industry and the wider society, according to a report in Finextra. The group includes some of the top names in fintechs including Cadre, Carver Edison, Credit Karma, Kindur, MoneyLion, Monzo, Nova Credit, Tally and Varo.

The coalition plans to host, sponsor and participate in forums and events that feature black speakers and address topics specific to the community. It plans to increase recruitment by encouraging members to reach out and enhance professional development programs and expand interviewing practices to mitigate potential bias throughout a candidate's assessment.

Additionally, the group will work to increase financial partnerships, financial education and outreach, ensuring that financial products and services are accessible to black communities.

Ryan Williams, CEO of Cadre said in the report, "Those of us in the financial services technology industry have a special understanding that social and economic justice go hand-in-hand, and I'm pleased to join the Fintech Equality Coalition's collective commitment to lead the way with scalable change and solutions."

The coalition plans to provide regular updates on its progress.