David Adefeso and Sootchy App Tackle Black Financial Literacy Gaps by Partnering with Capital City Lighthouse Charter School
LOS ANGELES–(COMMERCIAL THREAD) – As we approach the end of Black History Month, the impact of African Americans on our society continues to spread widely – in this case, across generations. In an effort to bridge the African American financial literacy divide, Sootchy today announced its partnership with Lighthouse Academies on their capital campus in North Little Rock, AR to help the next generation of black academics pursue their studies without student loans.
Sootchy is an intuitive, free crowdfunding platform that allows parents and an extensive network of friends, family and acquaintances to contribute to a child’s 529 College Savings Plan with a simple tap of a button with less reliance on student loans or debt. With information on tax benefits, education options covered by plans and state-by-state guidelines, Sweet helps communities become better informed and offers donation options to involve family and friends in saving for a child’s future education expenses. As a tax-efficient education account, contributions increase tax-free, and with no registration or account fees, more of your money is spent on your education.
Achieving a staggering achievement gap in America today, Arkansas Lighthouse Academy teachers and parents of students were hand-picked to be an exclusive group of early adopters to use the Sootchy beta app. A recent to study found that children with college savings accounts are Seven times more likely to go to college. By streamlining the process of opening 529 tax-efficient education savings accounts, this partnership is designed to help these students save for higher education. As an added incentive, Sootchy will pay each of these students a matching grant into their 529 college savings accounts.
“Closing the achievement gap in America is our goal and financial literacy is a key part of the game,” said Wendall Scales, Jr., deputy director of innovation for Arkansas Lighthouse Academies. “This partnership with Sootchy enhances our ability to provide resources to help our students succeed. ”
Knowing that to manage your finances, a solid, efficient and in-depth understanding of finance is crucial, Sootchy Founder and CEO David Adefeso wanted to find a way to educate people in underserved communities while reducing the disparity of wealth that exists in black, Hispanic and Native American communities. Embodying the true definition of black greatness, he seeks to help his community improve through financial literacy and a singular vision, debt-free education for all.
“Education has the ability to be a great equalizer and to close the wealth gap that exists in our country – but only if it’s accessible. When I started Sootchy, it was with the aim of ensuring that everyone has access to higher education debt free. This is why I am so excited about our partnership with Lighthouse Academies! It is a major step towards achieving this goal. These children have unimaginable potential , and I am very proud to work with LHA teachers and parents to help them make it happen, ”said Adefeso.
Following in the footsteps of his ancestors before him, Adefeso fought and sacrificed himself to become one of the few black founders / CEOs of a tech startup in the United States. As we celebrate black people around the world who have overcome obstacles to achieve excellence and success, Sootchy’s David Adefeso is no stranger to this tale.
True to “rags to riches”, Mr. Adefeso was born in Nigeria and moved to New York on his own at the age of 21. With only $ 250 in his pocket and not knowing anyone, he experienced problems with homelessness and hunger. With nothing but his intelligence and determination to succeed, he graduated from Harvard University with his MBA in General Administration and Business Management. From there, he broke down several barriers by becoming one of the top candidates on Wall Street by working for some of the world’s largest companies and financial institutions.
By creating financial freedom for future black generations to come, David and his diverse team of tech experts empower black communities by emphasizing the need for proper financial education, knowing that they play a vital role in establishing economy of the United States.
Sootchy’s five-minute setup and easy-to-access money management tools simplify the process and make financial planning enhanced with technology, community power, and tax-efficient incentives to tackle student debt, now to a all-time high of nearly $ 1.7 trillion, accessible to everyone.
“Having the opportunity to partner with Sootchy opened up a whole new world of possibilities for our staff and academics at Capital City Lighthouse. Our families now have the knowledge and the constant opportunity to invest in the future of their academics, ”said Rosanna Mhlanga, Director, Capital Lighthouse Charter School.
With the intention of adopting all Lighthouse Academies campuses to ensure their success, David Adefeso and the Sootchy team will continue to provide internship opportunities and financial literacy support.
“Our team is dedicated to the success of every researcher, now and into the future,” said Superintendent LaShawnDa Noel. “Through this partnership and the creation of a focus group of teachers and parents, we are equipped to integrate a financial literacy program as a tool for the future success of our fellows.
Sootchy is an innovative financial technology company that empowers parents to harness the power of family and friends by contributing to 529 college savings accounts that help fund a child’s higher education. Through the Sootchy mobile platform and website, the company is changing the traditional way people access 529s. The company’s mission is to provide prospective students and parents with an alternative to student loans and debt. .
About the lighthouse academies:
Lighthouse Academies is a national, not-for-profit charter school network of over 6,000 students and families, in addition to 605 teachers, principals and staff. The team goes above and beyond to pave the way for a college education for students who would otherwise face limited opportunities due to no fault on their part.