The latest digital and technology innovations, product and service developments in the world's wealth management sector.

SVB Financial Group
SVB Financial Group, the US banking organization, has invested into Hive Wealth by Impart Media, a mobile app seeking to close racial, gender and generational wealth gaps. This investment follows Black Tech Nation Ventures’ investment into Hive Wealth in April. 

The investment “reflects the company’s commitment to build a more diverse and equitable innovation ecosystem and contribute to the economic and social progress of its communities” SVB Financial Group said.

“The racial and gender wealth gap is one of the largest and most persistent issues of our time and requires innovative bold solutions,” said Tosh Ernest, head of access to Innovation, SVB’s signature initiative to advance women, Black and Latinx individuals to positions of influence in the innovation economy.

According to Crunchbase News, funding for Black-founded startups in the US slumped in the second quarter of this year compared with prior quarters. Startups with at least one Black founder have received just 1.9 per cent of deal counts and 1.2 per cent of overall venture dollars invested in the United States so far this year.

According to its website, Hive Wealth by Impart Media is a “community-first mobile app that helps people grow their wealth and leave a legacy for future generations." Impart Media’s products also include Money Matters, an original docuseries about personal financial transformation.