in the past For two weeks, it has joined the JPMorgans, Brexes and Wises of the World in millions of dollars in collapsed Silicon Valley banks from startup and investor bank accounts. As founders and investors continue to look for new places to put their money, it’s important to consider this time as an opportunity to start banking with a few black-owned banks.
There’s Intrepid, founded by Collin Thompson, which works exclusively with businesses and global remote teams digitally. Thompson told TechCrunch+ that the company’s goal is to be a trusted partner to founders, especially those affected by the SVB collapse.
Intrepid offers the same services as Brax, with the addition of specialized assistance, such as all-in-one HR tools. As a result of SVB’s failure, Intrepid implemented services such as senior Federal Deposit Insurance Corporation insurance and clearing accounts. To create more than $250,000 of FDIC-backed insurance, Thompson said he is building a new Deposit Network product with his bank partners, which he says will allow his company to create multiple deposit accounts within FDIC-insured limits and allow customers to access those accounts through a single app. . Intrepid offers social resources such as introductions and events for those looking to grow their business networks.
“Given our diverse backgrounds, this informs how we manage risk, what types of clients we take on and how we serve them,” Thompson said. “Our interests, experiences and personality guide us, and this influences the type of clients we attract. We believe that every client, regardless of background or identity, should have a financial partner they can trust and rely on, and we are here to provide that.”
There are also brick and mortar black banks, such as Unity National Bank, currently the only black-owned bank in the state of Texas, which has a branch in Atlanta; Liberty Bank, which has branches in nine states, including Louisiana; and OneUnited, which has branches in Los Angeles, Miami and Boston in Massachusetts.
Many black-owned brick-and-mortar banks are based in the US South, which fits with a recent pattern of venture migration to states like Georgia, Texas, and Florida. Although these banks do not have many branches, they can still be useful when looking at financial diversification.
