The São Paulo-based fintech is evolving its strategy to reach an addressable market of 35 million consumers who still don't have a bank account.
Conta Black started with a pre-paid credit card for the black Brazilian population - a parcel of the population that transacts around 1.7 trillion Brazilian reais a year in goods and services, according to research by Instituto Locomotiva. At that point, there was no technology involved in the product: according to All, the main goal at the start was to break a paradigm by providing access to financial services to black individuals rather than focusing on immediately going digital.
Conta Black is also aiming to provide financial education to its client base as a way to break down barriers caused by the structural problems the Brazilian black population experiences.
According to All, the idea is that the Black Spaces will become venues focused on education and customer experience."When observing the format of the Apple Store in New York, I concluded that the way to go for us is to build pleasant spaces where people can build a relationship with the product, maybe pay their bills, and attend a financial education workshop.
That experience is one of the situations that sowed the seed of what would later become Conta Black. A few years later, All met his wife Ribeiro, a tourism specialist who had stepped down from a management role at one of the main Brazilian airlines, who joined as a co-founder. Before launching the fintech, the pair started AfroBusiness, an organization that plugs black entrepreneurs into the supply chain of large organizations such as Carrefour, Google and Meta.
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