Paybby, a new challenger bank whose founder was inspired by the Black Lives Matter protests last summer, is teaming with banks and others to make loans to minority-owned businesses and develop consumer and commercial financial products that meet the distinct needs of underserved communities.
To get Paybby (which stands for “pay Black brown and you” and pronounced “pay baby”) off the ground quickly, CEO Hassan Miah bought an existing challenger bank called Wicket in January.
He also has partnered with Carver Bancorp, a community development financial institution in New York, and Boss Insights, a company that aggregates business data, to participate in the Paycheck Protection Program.
https://www.americanbanker.com/news/fintech-inspired-by-black-lives-matter-targets-underbanked