CNN Business | Netflix is investing $100 million in Black-owned banks

New York (CNN Business) – Netflix (NFLX) on Tuesday said it would invest in Black-owned banks in an effort to help close the wealth gap between Black and White America.

The streaming service announced plans to deposit 2% of its cash, or an estimated $100 million, into Black-owned financial institutions and community development organizations, which have a better track record of lending to minority borrowers than mainstream consumer banks.

Minority-owned banks and credit unions represent just 1% of America’s total commercial banking assets.  —more—