Out of the gate, I created this fund, also with my partners, to make money. It's not charitable at all. Otherwise, we would have started a nonprofit. When we talk to people, there's a misconception of, oh you're launching this fund because you want to give back. And well, absolutely. All of that. My giving back is economic empowerment for people of color. Because if we do that, then a lot of the issues we have in this country, I believe, will disappear. And we're seeing all of that, just healthcare disparity, income and wealth disparity, and all that. So if we were able to fund companies where people who founded a company could then sell it and become wealth creators, it's going to change things. And that money can go back into our communities. I just wanted to get that out of the way.
In terms of demographics, first of all, founders of color are the fastest growing entrepreneurs in this country. But yet, if you look at them, they're not getting funding. I like to say that talent is equally distributed, opportunity is not. And a lot of these people are very educated, and funding is not flowing to them for whatever reason. And this is really not just a feel good. Think about innovation in this country. The companies that get innovation tend to look the same because the people who are writing the checks look like them. Predominantly white and they are men. So think about. You're just saying that one group of people in this country is going to determine who is creating something innovative, and is going to get money. And to me, that's just something completely wrong with that. But beyond right and wrong, it's a huge opportunity missed that they're missing.
First of all, people of color are becoming, they're saying by 2046, we're going to be the majority minority in this country. So the term minority is not going to even apply to us anymore. So these groups of people are making markets. If you look at cell phone usage, all kinds of things, they're creating culture, creating markets in this country. Some of the biggest consumers are people of color, they're incredibly brand loyal. So if you're a consumer product, I was talking to executives at Procter and Gamble, they have a whole lab where they're incubating companies and they're looking at people of color and women, because they see that, fast forward in 20 years, already these populations are buying consumer goods. They need to create products that talk to them, speak to them, because these are going to be massive markets. This is a 6 trillion dollar market if you combine Black and Latinx, 6 trillion dollar market, Asian Americans. These are a massive markets, and in some cases, bigger than countries. So that's a huge opportunity for, just looking at consumer, looking at pharmaceutical companies, looking at entertainment companies. So, basically, VCs, by not investing in companies founded by diverse founders, which by the way, because they're diverse, they bring their experience, and they bring it to the table in a way that maybe a white male founder may not have thought about a problem or solution. And so you're missing out on that market and that opportunity.
And endless studies have shown that teams with diverse teams actually outperform teams that are homogenous by 35%. So me as an investor, my job, as a VC and even if I'm investing my own money, investing other people's money, is to mitigate risk. So, if you look at a company and say, I want to bet on the company where chances are, they're going to outperform, or they're going to do well, these are high performing entrepreneurs. And what I found is, diverse founders, because they're not getting money and it's not equal, they have to be resilient, and they have to be creative. And basically, for every 50 cents they get, they have to make $1 out of it. So I've been so impressed with the entrepreneurs that I invested in before the fund and the entrepreneurs we've invested through the fund.
Even for a founder that's a non founder of color, raising money is hard for any founder. And by the way, only 1% of companies get any kind of VC funding. So, we're talking about, it's really a very difficult thing to get VC funding. But the reality is though, if you look at African Americans and Latinx, disproportionately don't get funding. Actually, if you rounded it, it's zero percent. And I've seen amazing companies in the seven and a half years that I've been at this that are incredible. And it's hard for them to raise money beyond the angel. They get some seed money. So I think it's just really difficult for them to raise money, and the fact that they decide to do this just shows, either they're crazy, but I think there's a bit of craziness in every entrepreneur and there's nothing wrong with that. I think it's great that they have this idea and they're going to create something from an idea, create a company out of it. There's something really admirable and amazing about that. But as an entrepreneur of color, there's so much stacked against you.
So the ones that are able to create something, and they have revenue, you're just like, wow, because you know that they didn't get much funding, and they're able to create something. And so to me, that just shows their resiliency, that shows that they have hustle, that shows they have tenacity. I'd rather bet on that type of entrepreneur than someone that right out of the gate, they raise money, or they raise friends and family, that's kind of the first round before you even get to angels. Most people of color, friends and family, I mean, they have friends and they have family, but they don't have the luxury of saying, okay Grandma, write me a $100,000 check. For most Brown and Black founders, that's just not an option. Because it's normally a credit card or friend and family is a credit card, if they have a credit card. And I can talk to you about a company that we invested in, and just dealing with, there's a whole disparity in banking for people of color. So one of the company's, actually the very first company, that we invested in is called Mobility Capital Finance. MoCaFi is the brand name, short for Mobility Capital Finance. A really great company. It's focused on the underbanked and unbanked in the United States.
I don't know if you know this, but 88 million people in the United States are either underbanked, so they don't have a bank account or just don't have sufficient access to banking products for whatever reason. Either it's, they don't have enough, you need a minimum, banks may charge $50 a month if you don't have a certain minimum, they can't afford that, or just they don't have access to it. 88 million people. That's a lot of people, and most of those 50% are Black or Latinx. So the founder saw that this was a huge problem in this country, that basically, there's a whole group of people, almost 100 million people, who just don't have bank accounts or access to banking products, which is insane. You don't have a bank account. So he was a former executive at JPMorgan Chase, and he was also a CEO of an insurance company, and he just said, this is not right. And, there were companies that were going after a similar market, not underbanked. He created a digital bank. So basically what that is, it's an online bank, you get a debit card, you can load up your debit card, you can do direct deposit, all of that, and he won't charge you a fee to load up your card and take money out of an ATM. A lot of similar companies focusing on the underbanked are very predatory. Think check cashing places, you cast a check taking a picture, it gets uploaded to a digital bank, he's not going to charge a fee. How he makes money is when you're using your debit card, there's a transaction fee that he takes a small percentage, which is pretty normal. But all these other things, it's not predatory. And so he came up with this idea of creating a banking product, a digital banking product, so think of Chime.
Chime is probably one of the best known digital banks out there. I think the valuation is something like a couple billion dollars. Massive valuation. But they're targeting millennials. So basically the JPMorgan brick and mortar, like Bank of America, Wells Fargo banks, millennials aren't into those. So they're doing this digital bank where they can take a picture of your check, it's deposited right away, they have a debit card and all of this. So he created that model, but he's bringing it to the the underbanked. And actually Chime's CEO was on CNBC a few weeks ago, and actually said, they have no desire to go after the underbanked market. It's not of interest to them. So again, these people are being left out. And so Boulais said, these are people that need banking products. And he also told us that the average Black person in their lifetime will spend $40,000 more in banking products than a white person in this country. Thinking about these, these are all systemic. All these things are systemic. And that's why we need someone like Boulais, who's thinking about these problems. Because Chime, who's like, white founders don't care about the underbanked and unbanked, because it's not desirable for them. But there's 88 million people who, if they get the stimulus check, you know what, they've got to go to a check cashing place, which is going to take 20-25% of their check. And it's just unconscionable. So that's why we need the Boulais of the world thinking about these problems and solving them. Given all of these great statistics and the changing demographics, and all of this evidence and data that points to the value of supporting diverse founders, Silicon Valley is still not listening.
I'm sure they're aware of all of this. What do you think it will take to shift the balance? Top angel investors and VCs are like, we invest in everyone, we don't look at color. And I said, Okay, so look at your portfolio. How many are women? How many are Black? Like crickets. Zero. Nothing. Okay, so you don't invest in color? Okay, I get that. But you mean to tell me there's not one Black founder who has a great company in this country that you would invest in? And it's just, Oh, I don't know any. I haven't met any. Okay, so why haven't you met any? Because I've seen them. So it just shows. It's like your network.
LinkedIn did a study, they looked at people who in their network on LinkedIn, white people, their network is 90% other white people. For Blacks, it's like 80% or something. So people are in their own little silos, and there's no need for them to go outside of it. So I think for some people, it's not intentional. And for some, of course, it's intentional. Absolutely. But they just keep doing what they're doing. The people they know, they've worked with them, they've gone to MIT, they've gone to Stanford with them, Harvard. These are people they know, they've worked with them at Google or Facebook. So it's a network. And so by definition, a whole group of people, a few people get in that network, but most people don't even have access to the network.
