A Milwaukee-based startup called CrossKudi that's building a global money transfer platform was among the five startups selected for the second cohort of the Northwestern Mutual Black Founder Accelerator.
CrossKudi and the other four startups from Chicago, Indianapolis and Washington, D.C., will each receive a $100,000 investment as part of the three-month program, which is a partnership with gener8tor, a Wisconsin-based accelerator operator.
Founded by Bobola Odebiyi, CrossKudi is a blockchain-powered money transfer platform for immigrants.
Originally from Nigeria, Odebiyi moved to the U.S. in 2009. Starting out, the company is focusing on money transfers from the U.S. to Nigeria, Odebiyi said at a July event hosted by local co-working startup WorkAround. The company said it has completed beta testing and found product-market fit.
Northwestern Mutual announced its Black Founder Accelerator last year alongside its pledge to invest $20 million in Black entrepreneurs. The first cohort this spring included Milwaukee-based Tip a Scrxipt, which recently raised a $500,000 seed round, including the funding from the accelerator program.
The other participating startups in the second cohort are:
- 4Degrees: A Chicago-based software firm led by Ablorde Ashigbi that runs an intelligent relationship management platform. The company said it has more than 200 customers and more than $1 million in annual recurring revenue.
- Mark Labs Inc.: A Washington, D.C.-based company whose platform is designed to help investors link their capital allocations to real-world outcomes. Led by Kevin Barrow, the company is aimed at helping asset managers meet demands from clients and regulators for making sustainable investments in compliance with environmental, social and governance (ESG) standards.
- Qualifi: Led by co-founder Devyn Mikell, this Indianapolis startup has a platform that aims to make phone interviews faster and more efficient for recruiters. It has contracts with 27 employers and has nearly $250,000 in annual recurring revenue, according to the company.
- Wellthi: Also based in Washington, D.C., this startup is building a social banking platform for financial institutions that's designed to increase customer lifetime value. The venture-backed company said it has raised more than $1.7 million to date. Its CEO is Fonta Gilliam.
