Master P and James Lindsay launch “BossUp Bank” for underbanked and unbankable individuals
Rapsnacks.com
Hip Hop mogul, Percy “Master P” Miller has teamed up with long time partners, James Lindsay, Jon Gosier, and James Elam to create a new banking application. BossUp Bank is expected to launch Spring of 2021.
Master P is well known for helping out the Black community and being an entrepreneur. Now he is about to step into the financial field with his new launch “BossUp Bank.”
One thing Master P does is educate the people on how to get and keep a bag and never rely on anyone. Earlier this year he spoke on how Blacks turned Clubhouse into a $1B company and getting paid with Black dollars but not reinvesting any money into the Black community.
“We need to create stuff like that to where we control the narrative and we’re able to put the money back in our community and our culture.” stated Master P.
Now he is taking his expertise to the next level and giving individuals a chance.
BossUp Bank’s mission “aims to change the way underserved and disenfranchised customers earn and save.”
The service will make an effort to help disenfranchise individuals who suffer from a lack of access to capital. Some underbanked communities tend to be distrustful of banks and the fees that are charged to maintain their accounts. These individuals resort to alternative financial services such as check-cashing services, money orders, pawn shop loans, payday lenders, etc.
Most of the time these individuals aren’t aware that lenders’ service fees are usually much higher than fees associated with banks when used over time. It is clear that these services do not help to build credit and BossUp Bank plans to change all that.
“We have created an avenue for the culture to learn more about banking and the importance of knowing your money,” says Master P.
The bank will be offered to 63 million Americans that have been refused lending by traditional banks.
Previously, James Lindsay and Master P came together to launch Stock Boss Up to teach individuals the stock market. The app was a digital stock market simulator that allows users to learn investing without investing their own capitol. Users could track the market in real time while investing up to $1 million of stimulated money into publicly traded companies.
The BossUp App is by way of James Lindsay’s Rap Snack foundation which enhances the “real world experiential entrepreneurship program that teaches young men, women and youth from under resourced communities how to plan, start and run profitable businesses as a means of empowering themselves and their communities.”
People can subscribe early before the Spring launch at bossupbank.com.
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