A group of young investors is optimistic about Silicon Valley's ability to reduce income inequality and other financial challenges in the wake of economic uncertainty
following the coronavirus pandemic. However, many investors pointed out that income inequality and access to existing financial services was already a struggle for marginalized groups – the pandemic just made those struggles more evident.
Investors said that certain trends in fintech, such as contactless payments and mobile banking, accelerated substantially due to the pandemic after many stores adopted new systems to provide safer ways to pay, while banks shuttered physical branches. Those shifts helped give marginalized communities access to financial services that weren't available to them before, and they could brighten an otherwise dire financial outlook.
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