Optus Bank, announced that it is the first bank to establish a relationship with PayPal as part of the payments company’s $530 million commitment to racial justice and economic opportunity. For nearly 100 years, Optus Bank has worked to dismantle structural racism and the disparities it causes by providing equal access to financial services and asset building opportunities.
“This significant infusion of patient long-term funding from PayPal will transform our ability to provide more capital to small businesses, particularly those with systemic barriers to mainstream funding,” said Dominik Mjartan, president and CEO, Optus Bank. “To address the racial inequities in this country, we believe it is critical to make sure that all entrepreneurs have equal access to responsive capital. We are fully committed to devoting our time and energy to these efforts because we unequivocally believe that Black Lives Matter.”
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Optus Bank’s origins date back to 1921 when a group of visionary and courageous African American leaders founded a bank on the principle that all people should have access to the American Dream, regardless of their inherited circumstances. Optus is one of only twenty banks designated as Black or African American owned. Close to 90% of the money it lends is carefully invested in minority businesses, homes and low-income communities.
“We welcome this initiative as recognition of the impact that mission-focused banks like Optus have on equal access to opportunities and look forward to having PayPal as a major depositor,” said Paul Mitchell, chairman, Optus Bank. “This will directly aid Black communities and other communities of color that have been disproportionately impacted by systemic oppression and historically starved of access to capital and the ability to accumulate wealth. We hope other large organizations follow PayPal’s leadership and genuine commitment to help close the gap.”
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