Bank chosen for cutting-edge technology and leading the way to close racial wealth gap
OneUnited Bank, the largest Black-owned bank in America, announced that Biogen, a global biotechnology company, is investing $10 million to support the cutting-edge fintech’s focus on Black economic empowerment. The $10 million deposit signals an increase in corporate support for Black businesses.
“Unapologetically Black” OneUnited Bank stands out in a field of financial institutions as the leader of the #BankBlack Movement, a national economic phenomenon where the Black community is moving its money from traditional banks to Black-owned banks. OneUnited Bank, the nation’s first Black internet bank, has long understood that the future of banking belongs to technology, and has focused on building a state-of-the-art online and mobile banking platform. With this sizable deposit and support, Biogen leads by example, understanding that national corporate support for Black-owned businesses is good for America.
“OneUnited has the important role of helping finance growth. We are proud to do our part to support families and businesses on their financial journey, especially during these difficult economic times,” says Mike Dambach, Vice President, Treasury at Biogen.
“Economic empowerment is critical if we want to actually address systemic racism and inequity,” says Chirfi Guindo, Executive Vice President, Global Product Strategy & Commercialization at Biogen. “For Biogen, this deposit is one of many ways we are delivering on our enhanced Diversity, Equity and Inclusion strategy. But for OneUnited’s customers, this deposit could mean allowing them to pursue their dreams or strengthening underrepresented minority businesses.”