First Boulevard raises $5M for its digital bank aimed at Black America



The murder of George Floyd last May ignited many things in the United States last year — one of which that was perhaps unexpected: a rise in the number of digital banks targeting the Black community.

Some members of the Black community took their belief that big banks are not meeting their needs and turned them into startup concepts.

One of those startups, First Boulevard (formerly called Theme), has just raised $5 million in seed funding from Barclays, Anthemis and a group of angel investors such as actress Gabrielle Union, Union Square Ventures John Buttrick and AutoZone CFO Jamere Jackson.

For co-founder and CEO Donald Hawkins, the genesis for the Overland, Kansas-bank came after Floyd’s murder, when he and friend Asya Bradley were talking about what they felt Black America “really needed to get out of a vicious cycle” of dealing with the same issues with no real solutions in sight.

CEO Donald Hawkins

COO Asya Bradley

“After viewing yet another tragedy engulf the Black community, and the all-too-familiar protests against persisting issues,” Hawkins said. “it was beyond clear to me that the solutions Black America needs must be financially-focused and developed within our community.”

The pair both had fintech experience. Hawkins had founded Griffin Technologies, a company focused on providing real-time, contextual intelligence to community banks and credit unions. And Bradley most recently was a founding team member and head of revenue at Synapse, a platform that built banking-as-a-service APIs to help bank the unbanked of America by (Read more...)