FinTech news in Harlem Capital category

Earlier this year, Rice raised $5.3 million in seed funding for Poolit, a Miami-based fintech startup that aims to open up access to investing in private equity and VC funds. For Rice, who grew up in rural Alabama before attending Brown University, it would be a dream to one day open access to investing in VC and private equity funds to an even broader pool of people. Poolit’s includes a retired PWC audit partner and a JPMorgan executive that are meant to represent the voices of underlying investors and approve fees from third parties (even Poolit). Most firms, Rice said, charge investors before they even put their money into any funds, and then management and sometimes performance fees on top of that.

It’s not only the digital platforms that want to sell insurance products, but also to help existing players be more efficient in their distribution of products, allowing them to play a role in increasing the insurance penetration level.

The NFT market was worth $41 billion at the end of last year — nearly as large as the conventional art market by some estimates — and it’s expected to nearly double in size by the end of 2022, according to a report released this week by blockchain analytics firm Nansen.