Wealth8, the new digital wealth management platform with a full-service mobile app, is providing access to global investment funds and diversified funds from the largest global asset manager, BlackRock Asset Management. Their service is aimed primarily at the black & multi-ethnic community being largely the African diaspora in the UK. The mobile app will also be made available to Africans living in major economies on the continent such as Nigeria, Ghana and Kenya, by next year. Traditional wealth and investment managers have largely overlooked this demographic.
Wealth8 is the first black-owned digital investment platform that provides access to diversified portfolios of investment products managed by BlackRock, the largest international asset manager. It is opening up access to wealth creation opportunities by de-mystifying the language of investing, by providing an easy and affordable way to invest in globally managed funds.
Wealth8 has launched an iOS and Android mobile app, which is now available for early access.
Black African households typically have ten times less wealth or savings than their white British counterparts[i]. Indeed, many UK savers – if they have savings – just use cash savings accounts or cash ISAs that currently pay minimal rates of interest, which, with the inflation rate beginning to rise substantially, means that they’re losing money in real terms. Wealth8 will be bridging this wealth gap by providing the tools and knowledge needed to save and invest for their future.
Wealth8 differentiates itself by bringing together a community of like-minded individuals serious about growing their wealth, learning the language of investments and engaging on lifestyle and money issues that resonate with the black and multi-ethnic communities.
Bimpe Nkontchou and David Fisayo, co-founders of Wealth8, have identified that the African and multi-ethnic communities in the UK and on the African continent are lagging behind in successful wealth creation due to their lack of sufficient financial education to support financial planning, savings and investment in a strategic and coherent fashion. Since 2014. Bimpe Nkontchou has been managing a UK-based wealth advisory and asset management business, providing advisory and investment services to High-Net-Worth African families and entrepreneurs. She remains passionate about democratising wealth management services beyond the very wealthy and sees community building and financial education as the most effective means of doing this.
Bimpe Nkontchou said: “Investments and savings are becoming ever more crucial and while equities entail more risk than deposit accounts, the returns, whether in the form of dividends, capital appreciation or both, are likely to be considerably higher over the long term. While investors attitude to risk, investment timescale and life stage should guide their investment strategy, investing in the markets is a responsible way to grow their assets and plan for their long-term financial wellbeing. Wealth8 is a proactive proponent for increased financial awareness amongst the UK’s black and multi-ethnic community. We have specifically designed our digital platform and mobile app to make it easy to invest for them to invest their money by first assessing their fund options, so that their investments are based on their personal circumstances and requirements.”
Wealth8 encourages investors to start building wealth with as little as £8. The goal is to provide easy access at a low entry point for its investors.
Wealth8 are celebrating black history month with a “#Mywealthis” campaign aimed to document the black wealth experience with unscripted reflections on what wealth means within their community. The idea is to take the opportunity to put a positive light on wealth creation within the black community.
David Fisayo adds: “As a millennial, I recognise that my generation are the gatekeepers of the future and need to be financially equipped to create a more dynamic and equitable society. Weath8 is changing the narrative of wealth for future generations within our community. Financial literacy is particularly important in today’s society, where from a young age, we are all exposed to consumerism and how to spend money. The Covid-19 pandemic has seen a drive to earn and make money with recent events like the Gamestop frenzy shedding light on this. We’re determined to support more people on their wealth management journey using community building, financial education and investing as tools for building long-term wealth.”
Wealth8 offers an iOS and Android mobile app. Visit www.wealth-8.com to download the app for early access now.
[i] The Runnymede Trust’s ‘Colour of Money’ report