Funds advised by PSG, a growth equity firm partnering with middle-market software and technology-enabled services companies, have made a strategic seed investment in OfColor, an enterprise SaaS provider focused on the financial health of employees of color, today announced a strategic seed investment from. OfColor’s a mission to help employees of color earn and keep more of their income.
“The fact that America is such a wealthy country and tolerates the current racial wealth gap is disheartening,” said Yemi Rose, founder and CEO of OfColor. “But while the current state is dire, we believe it is fixable. I view the workplace as an ideal distribution center for these solutions, and the good news is that there’s a solid contingent of visionary corporate leaders who are dedicated to enabling their employees of color to build financial legacies. Together, we are changing the status quo. We’re thrilled to have the support of PSG and their network of experienced entrepreneurs at our side as we work to move the corporate conversation away from of-the-moment equality — to one about equity, where we recognize the role of race in American wealth creation.”
Before launching OfColor in 2019, Yemi most recently served as vice president of financial wellness enterprise initiatives with Prudential Financials’ global communications group. He previously served as a senior executive at KPMG and BlackRock, where he worked to maximize the value of their fintech ventures.
“Yemi and the OfColor team are addressing a paramount issue and we’re honored to have the opportunity to support the important work they’re doing to help progress toward equitable financial wellness,” said Mark Hastings, co-founder and CEO of PSG. “We’re energized by the significant opportunities for OfColor to grow and make a meaningful impact, underscored by increasing number of organizations committing to advance diversity, equity and inclusion.”