At a Glance
Location: São Paulo, Brazil
Impact Areas: Labor Inclusion, Employment Generation
People Supported:
Afro-Brazilians
Joined NESsT Portfolio:
2021
Overview
Afro-Brazilians make up more than half of Brazil’s population, but they are overrepresented in the country’s low-income and unemployed communities. A disproportionate number of Black people work manual labor jobs with precarious conditions. Due to these employment disparities, the pay gap is severe - on average, a Black person receives 50% less income than a White person.
Movimento Black Money (MBM) is an innovation hub that enhances economic empowerment for Black people in Brazil. The social enterprise supports the Black population in four areas - advocacy, education, financial services, and consulting. Its services are designed to foster prosperity, autonomy, and financial inclusion for Brazil’s Black communities.
One of MBM’s products, Mercado Black Money, is an online marketplace that connects shoppers to over 1,500 Black-owned businesses, 70% of which are led by women. By supporting Black-owned enterprises, consumers help to improve the financial situation of Afro- Brazilians and contribute to closing racial wealth gaps. MBM also created Pretinha, a mobile payment solution that streamlines retail operations by automating the transaction process, offering small businesses access to digital financial tools that improve their financial inclusion. Recently, MBM partnered with a large Brazilian bank to launch the first diversity credit card in Brazil.
To drive the large-scale, systematic changes needed for more Black people to access quality employment and economic capital, MBM offers consulting services to corporate clients such as P&G and Makro, on workplace diversity and inclusion. Its education programs are also extended to Black entrepreneurs, with free online courses focusing on technology, business, marketing, management, among other topics. Since its founding in 2020, MBM has trained more than 1,000 Black entrepreneurs, equipping them with the relevant knowledge and resources to expand their businesses.
MBM also launched Black Vagas, a recruitment service that combats high Black unemployment rates by connecting aspiring Black professionals to available positions in its corporate network.
Through MBM, founders Nina Silva and Alan Soares aim to embolden Black people to become more active participants in the economy, with equitable access to career growth opportunities that improves upward mobility and places Black employees on the leadership path. The social enterprise serves as a nexus of connection and collaboration for Black communities.
Results & Impact
400
low-income Afro-Brazilian families supported
66%
employees are Black women
1,000+
Black entrepreneurs trained
“Our objective is to generate our own production chain, from supply to conscious and intentional consumption of black products and services. The movement is a kind of system hacking: an innovation center that seeks emancipation through digital tools.”
NESsT Investment
When e-commerce surged in the wake of the pandemic, 85% of the Black nano and micro entrepreneurs in the MBM network reported that their sales were impacted because they did not have established digital channels. To help its entrepreneurs keep their businesses afloat, MBM launched emergency support programs that provide entrepreneurs with basic income, education, and digital advertising within its network.
One example of such programs is Impactando Vidas Pretas. By partnering with B3, Missão Social and Tide Setubal Foundation, MBM raised capital to provide additional financial support to vulnerable groups such as single-mothers. The social enterprise distributed prepaid cards that enabled impoverished mothers to make essential purchases including food and medicine and covered basic operational costs of struggling small businesses.
MBM experienced strong growth in its first year of operations despite pandemic setbacks. The social enterprise has achieved steady user and client acquisition across its lines of services.
NESsT will support the enterprise to structure and expand its team to sustain its growth and enhance the technological infrastructure of its digital marketplace, including integrating its payment software and developing new functionalities to ensure the digital inclusion of all small businesses using its platform.
In parallel with refining its services for Black entrepreneurs, MBM will upgrade its corporate education and training programs, offer mentorship programs for aspiring Black workers, and improve its impact measurement tools.