Mastercard announces major investment and partnership in Black-owned businesses

Mastercard announces major investment and partnership in Black-owned businesses

Mastercard announced Tuesday a multimillion dollar investment in Fearless Fund, a venture capital firm founded by Black women with the mission of investing in minority female entrepreneurs.The credit card giant also unveiled a partnership with Greenwood, a fintech firm aimed at Black and Latinx consumers and business owners, to issue the platform's first debit cards."This is part of our broader work on financial inclusion," Mastercard president of strategic growth Michael Froman told CNBC. "We want to bring all the assets of the company to the table, to engage with them, help them succeed, help them get to scale."Fearless Fund looks to provide early financing to companies started by women of color in the technology, consumer packaged goods, food, fashion and beauty industries.Other investors in Fearless Fund include PayPal, Bank of America and Costco.The three co-founders of Fearless Fund are chief development officer Keshia Knight-Pulliam, who played Rudy Huxtable on the "Cosby Show;" CEO Arian Simone, an entrepreneur and best-selling author; and COO Ayana Parsons, a veteran consultant.

Simone told CNBC the Mastercard investment has the potential to be a game changer for the companies in the fund's portfolio."This deal also marks a major milestone for our brand," she said. "When women