What is the name of your organization?
Ujamaa.Financial
What is the name of your solution?
Ujamaa.Financial
Provide a one-line summary or tagline for your solution.
Empowerment through financial freedom: Reducing student debt while building wealth for BIPOC and first-generation Americans.
In what city, town, or region is your solution team headquartered?
Long Beach, CA, USA
In what country is your solution team headquartered?
USA
What type of organization is your solution team?
For-profit, including B-Corp or similar models
Film your elevator pitch.
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What specific problem are you solving?
The racial wealth gap in America is staggering, with the average Black family holding just $24,100 in wealth compared to $188,200 for white families. This disparity is dramatically amplified by the student debt crisis, where BIPOC millennials carry 85% more education debt than their white counterparts, with an average of $53,000 per borrower.
This debt burden creates a devastating ripple effect: 48% of BIPOC graduates delay home purchases, 28% postpone starting businesses, and 37% struggle to build emergency savings. Traditional financial solutions often exclude these communities through biased algorithms, high fees, and culturally insensitive approaches.
The problem is compounded by limited access to financial education and wealth-building tools. 67% of BIPOC millennials report feeling financially overwhelmed, while 72% lack trusted resources for financial guidance. This creates a cycle where debt management consumes resources that could otherwise be invested in wealth creation.
The intersection of student debt and systemic financial exclusion affects over 45 million Americans, with BIPOC borrowers facing the heaviest burden. Without intervention, this wealth gap is projected to grow exponentially, potentially taking 228 years for Black families to accumulate the same wealth as white families today.
What is your solution?
Ujamaa.Financial is a mobile-first fintech platform using machine learning and open banking APIs is designed to transform student debt management into a pathway for wealth creation through a seamless, user-friendly approach:
We identify the lowest possible student loan payment options for users and facilitate the transition, ensuring minimal financial strain.
With every purchase you make, spare change is rounded up and deposited into your Ujamaa.Financial high-interest savings account. Monthly, a portion of these savings is automatically directed as an additional payment towards your student debt, accelerating repayment.
Funds in your Ujamaa.Financial account also contribute to building an emergency savings buffer. As a reward for reaching savings milestones, users receive a complimentary $500 life insurance policy, enhancing financial security.
Our platform offers tools for learning, managing, and building credit. Users can access interactive modules on financial literacy, earning extra cash back rewards for their engagement.
Cash Back and Fractional Asset Investment
Earn cash back from regular purchases and retailer partnerships. This cash back is used to buy fractional assets, helping users gradually build an investment portfolio.
Who does your solution serve, and in what ways will the solution impact their lives?
Ujamaa.Financial is dedicated to empowering BIPOC (Black, Indigenous, and People of Color) communities, who often face systemic financial barriers. These individuals frequently encounter higher student debt burdens, limited access to wealth-building tools, and a lack of culturally relevant financial education.
Our solution targets young professionals and recent graduates within these communities, who are striving to manage student debt while building a stable financial future. They are typically underserved by traditional financial institutions that do not account for their unique challenges or provide tailored support.
By offering personalized debt management, automated savings, and investment opportunities, Ujamaa.Financial addresses their immediate financial stress. We provide not just a pathway out of debt, but also a stepping stone toward wealth accumulation. Our platform’s focus on financial literacy, along with rewards for engagement, empowers users with the knowledge and tools needed to make informed financial decisions.
Ultimately, our solution fosters financial independence and security, helping to close the racial wealth gap and creating a legacy of financial empowerment for future generations.