What Is CashBlack?
CashBlack is a platform that rewards members with cashback when they shop online with Black-owned businesses. Members register with us, browse for products and services from Black-owned retailers, and when they make a purchase they receive cashback from the affiliate commissions we receive. They can withdraw the cashback for themselves or donate it to one of our goodwill causes.
Founded in 2020, when the need for financial and socio-economic empowerment within the Black community was never more apparent, both globally and especially in the United States. CashBlack aims to benefit both the Black community and society as a whole by decreasing the racial wealth gap through the promotion of Black-owned businesses and the provision of funds back to consumers via cashback.
How Did CashBlack Start?
CashBlack was founded by Matthew, Jonathan and Nicholas Addai, three brothers from St. Albans, Hertfordshire, who came up with the idea in 2020. During that summer's global anti-racism movement, it became clear to the wider population that there was a direct correlation between socioeconomic issues faced by Black people throughout the world and the lack of support for Black-owned businesses.
We felt that a way to address these issues would be to incentivize patronage in Black-owned businesses and have the Black-owned businesses reinvest back into consumers.
"How about a cashback website?" we thought.
"A cashback website, for Black-owned businesses."
"Why don't we call it 'CASHBLACK'?"
And what started off as a play on words is now our platform for supporting your support of Black-owned businesses.
Why Is It Important To Support Black-Owned Businesses?
Socio-economic disparities and systemic barriers facing Black communities in the U.S. are directly linked to underinvestment in Black-owned businesses. We believe that economic empowerment through conscious consumerism is one of the most effective ways to create lasting change.
Social Impact
Underrepresentation
Black professionals remain severely underrepresented in leadership roles across American corporations. Only 3.8% of executive and senior-level positions are held by Black individuals, despite making up 13% of the workforce.
- Black execs in corporate leadership
- 3.8%
- Black CEOs in Fortune 500
- 1.4%
Only 1.4% of Fortune 500 CEOs are Black, and just 3.8% of executive roles are held by Black Americans. (Fortune, Catalyst, 2023)
While Black Americans make up 13% of the U.S. population, only 4% start their own businesses, compared to 10% of white Americans. (U.S. Census Bureau, Kauffman Foundation, 2022)
Crime & Incarceration
Supporting Black entrepreneurship provides legitimate pathways for talent often funneled into the criminal justice system due to lack of opportunity. Economic inclusion reduces recidivism and strengthens community safety.
- More likely to be incarcerated
- 5x
- Of federal prison population
- 28%
Black Americans are 5 times more likely to be imprisoned than white Americans. (Bureau of Justice Statistics, 2023)
Though only 13% of the U.S. population, Black Americans make up 28% of the federal prison population. (DOJ, 2022)
Racial Inequality
Systemic bias persists in education, employment and housing. Supporting Black businesses helps shift narratives, challenge stereotypes and build inclusive communities.
- Say discrimination is a major problem
- 76%
- More likely to face workplace discrimination
- 3x
76% of Black adults say being Black makes it harder to get ahead in life. (Pew Research, 2023)
Black workers are nearly 3 times more likely than white workers to file EEOC complaints about race-based discrimination. (EEOC, 2022)
Economic Impact
Racial Wealth Gap
The racial wealth gap in America is one of the largest in the developed world. The median Black household holds just 15% of the wealth of the median white household, a disparity rooted in generations of exclusion from homeownership, lending and business investment.
- Median white household wealth
- $248K
- Median Black household wealth
- $24K
The median white household has $248,000 in wealth, compared to just $24,000 for the median Black household. (Federal Reserve, 2023 Survey of Consumer Finances)
Over 20% of Black families have zero or negative net worth, compared to 9% of white families. (Urban Institute, 2022)
Unemployment
Black Americans face persistent unemployment gaps, even with equal education levels. Supporting Black-owned businesses creates jobs within communities that traditional systems often overlook.
- Black unemployment rate (2024 avg)
- 6.1%
- Higher than white unemployment
- 2x
The Black unemployment rate is consistently double that of white Americans. In 2024, it averaged 6.1% vs. 3.1% for whites. (BLS, 2024)
Even when equally qualified, Black job applicants are 36% less likely to receive callbacks than white applicants. (National Bureau of Economic Research, 2023)
The Economy
Black entrepreneurs are among the fastest-growing groups starting businesses in America. Yet they face disproportionate barriers to capital and growth, limiting their potential impact on the national economy.
- Loan denial rate for Black startups
- 78%
- Average Black business revenue
- $48K
78% of Black-owned businesses are denied conventional small business loans, the highest denial rate of any group. (Federal Reserve, 2023)
The average Black-owned business earns $48,000 annually, just 38% of the $126,000 average for white-owned businesses. (U.S. Census, 2022)
If Black-owned businesses were funded at parity, they could generate over $1 trillion in additional economic output. (McKinsey & Company, 2021)
Our Mission
We believe that CashBlack uniquely satisfies the demands of our time:
- People want “cash”, as shown by rising interest in investing, trading and financial security post-pandemic.
- People want to support the “Black” community, proven by historic protests, corporate DEI pledges and public demand for equity.
More than just a name, “CashBlack” represents a powerful fusion of financial reward and social responsibility. We're committed to making real change, one purchase at a time.