Milwaukee-based CrossKudi has been named as a semifinalist in Black Ambition’s second annual entrepreneurship contest in the category of Web 3.0. The Black Ambition Prize is a tiered opportunity to compete for $1 million and learn with a network of talented founders and business leaders across sectors.
CrossKudi is among the 249 semifinalists chosen from thousands of applicants.
Founded by recording artist Pharrell Williams in 2020, Black Ambition invests capital and resources in high-growth startups founded by Black and Latinx entrepreneurs innovating across consumer products and services, media and entertainment, healthcare, technology and Web 3.0. During the inaugural prize cycle in 2021, Black Ambition awarded $3.2 million in funding support to 34 founders and supported an additional 250 entrepreneurs with mentorship to strengthen their ventures.
CrossKudi founder Bobola Odebiyi hopes a win will help his fintech startup advance its goals.
“Our goal at CrossKudi is for our users to have a new experience — a unique experience for the money that they are sending,” he said. “Immigrants send money abroad to help families financially, but do not always fulfil their purpose.”
The company is working on a way for immigrants and international travelers to use blockchain technology to send money to their families back home. CrossKudi had designed a way for money transfers to become cheaper and faster than anything else on the market, while creating passive income opportunities for its users.
CrossKudi is also developing feature that will help those using the service to target the money that is sent overseas. “Instead of sending money to pay medical bills, immigrants can purchase health insurance for aged parents to ensure they enjoy good healthcare services. Instead of sending $100 for food allowance, immigrants can directly buy groceries worth $75 to be delivered to their families and give $25 in cash. The goal is to make sure the money is serving its purpose,” Odebiyi said.
Founded in 2020, the company received $5,000 in grant money from Milky Way Tech Hub, a $10,000 grant from FOR-M, and the company joined the gener8tor-led Northwestern Mutual Black Founder Accelerator program and received $100,000 in 2021.
To learn more about this emerging startup, click here.