Many things have accelerated in the world of fintech over the past year, not the least of which is the trend of digital banks aimed at specific communities in the U.S.
In the past few months alone, a number of neobanks targeting the Black and Latinx communities have emerged. Most recently, we covered the $5 million raise of one such bank — First Boulevard.
Today, Cheese announced the launch of its digital banking platform that is aimed at primarily serving the Asian-American community. Co-founder and CEO Ken Lian came to the United States from China in 2008 to attend college. In the years after his move, Lian said he paid thousands of dollars in bank fees and got rejected “multiple times” for basic bank accounts, despite having a FICO score over 800.
Those experiences led him to come up with the concept behind Cheese, which he said will offer its banking services via a multi-language platform. The one-year-old startup also has a social component, giving customers a way to support Asian-American businesses and organizations. Lian is no stranger to the world of entrepreneurship, having also founded Moolah Science, a startup that helped consumers find out if online stores owed them a refund that got acquired by a Fortune 500 company in 2019.
Lian founded Cheese along with Zhen Wang and Qingyi Li under the premise that Asian-Americans are often subject to discrimination and “an unequal playing field” in America (Read more...)