On Tuesday, Sept. 21, the Detroit Pistons and Stackwell, a digital investment platform created to eliminate the racial wealth gap, announced a multi-year strategic partnership to increase access to investment in the financial markets and bring financial wellness and investment education programming to the Black community in metro Detroit.
Stackwell, which has just released the first-of-its-kind robo-investing app built to support personal investment and wealth building within the Black community, and the Pistons will co-host several events across Detroit to engage members of the community and help support their access to financial investment, in addition to other collaborations with the team to support Black students and small business owners in the city.
“The Detroit Pistons are excited to partner with Stackwell to help provide financial literacy and education resources throughout the Detroit community,” said Erika Swilley, vice president of community and social responsibility. “Stackwell’s goal of providing Detroit’s Black community with access to financial literacy programs aligns with the Detroit Pistons commitment to being an asset for our community and those that call it home.”
The partnership will provide financial literacy and investment education programming for high school and college students, as well as minority small business owners in metro Detroit. The Pistons will host events with Stackwell at the Henry Ford Detroit Pistons Performance Center in the New Center neighborhood of Detroit, which will allow people in the community to utilize programs and resources to learn how they can build and sustain personal wealth through investment in the financial markets.
“Stackwell and the Pistons are committed to building a lasting, intentional partnership that will support the Black community in Detroit for the long-term,” said Trevor Rozier-Byrd, founder and chief executive officer of Stackwell. “Our work will have an impact across generations of Black people, helping to break down systemic barriers to the financial system, and empower individuals and business owners to take control of their financial futures and build generational wealth for themselves and their families.”
“It was important to build a collaboration with ties across the Pistons’ deep and diverse community initiatives that could evolve over time,” added Rozier-Byrd. “We are honored to be a part of the team’s important equity work because we believe the racial wealth gap is the social justice issue of our time.”
Community engagement will be the foundation of all efforts in the partnership, with year one focused on Black-owned businesses in metro Detroit. Subsequent years will introduce new programming for college students as well as other youth programs for high school students.
With a population that is 80% Black, Detroit is the seventh largest Black consumer market in the United States. Stackwell is proud to be part of the larger revitalization and inclusion effort happening in the Motor City.