OfColor, an enterprise SAAS provider focused on the financial health of employees of colour, has secured a strategic seed investment from funds advised by PSG, a growth equity firm partnering with middle-market software and technology-enabled services companies.
OfColor is on a mission to help employees of color earn and keep more of their income. The Company aims to integrate the best from fintech and behavioral finance into a single platform, leveraging the combination to improve the financial health of minority employees. Financial terms were not disclosed.
OfColor was founded by CEO Yemi Rose after a nearly two-decade corporate career focused on financial wellness at the intersection of financial services, communications and marketing. Rose noted that despite race being a significant predictor of wealth in America, the minority money experience seemed to be an afterthought in the current suite of financial wellness solutions.
Believing that existing programs fail to adequately support Black, Latinx, and AAPI employees, Rose created OfColor to deliver wealth-building solutions focused on budgeting, savings, and automated debt reduction, as well as access to culturally competent in-person and ai-driven advice. With PSG’s investment, the company is expected to continue to expand its platform and go-to-market strategy as it grows its customer base among Fortune 500 and upper-middle market companies. OfColor is currently working with MetLife to support their efforts to improve the financial health of all employees nationally.
“The fact that America is such a wealthy country and tolerates the current racial wealth gap is disheartening. But while the current state is dire, we believe it is fixable. I view the workplace as an ideal distribution centre for these solutions, and the good news is that there’s a solid contingent of visionary corporate leaders who are dedicated to enabling their employees of colour to build financial legacies. Together, we are changing the status quo,” says Yemi Rose, Founder and CEO of OfColor. “We’re thrilled to have the support of PSG and their network of experienced entrepreneurs at our side as we work to move the corporate conversation away from of-the-moment equality — to one about equity, where we recognise the role of race in American wealth creation.”
Before launching OfColor in 2019, Yemi most recently served as Vice President of Financial Wellness Enterprise Initiatives with Prudential Financials’ Global Communications Group. He previously served as a senior executive at KPMG and BlackRock, where he worked to maximise the value of their fintech ventures.
“Yemi and the OfColor team are addressing a paramount issue and we’re honoured to have the opportunity to support the important work they’re doing to help progress toward equitable financial wellness,” says Mark Hastings, Co-Founder and CEO of PSG. “We’re energised by the significant opportunities for OfColor to grow and make a meaningful impact, underscored by increasing number of organisations committing to advance diversity, equity and inclusion.”
