As Black History Month 2024 approaches, Cashblack emerges as a groundbreaking platform set to transform the cashback landscape for Black-owned businesses. Founded by three brothers – Matthew, Jonathan, and Nicholas Addai – in the summer of 2020, Cashblack is on a mission to decrease the racial wealth gap by financially incentivising shoppers to support Black-owned businesses.
Cashblack’s journey began during the tumultuous summer of 2020. Matthew Addai, a former senior trader at a hedge fund, along with his brothers Jonathan and Nicholas, recognised the need for a systematic approach to support Black-owned businesses.
“During that summer’s global anti-racism movement, it became clear that there was a direct correlation between socioeconomic issues faced by Black people throughout the world and the lack of support for Black-owned businesses,” says Matthew Addai, CEO and co-founder of Cashblack. “We felt that a way to combat this would be to incentivise patronage in Black-owned businesses by having the Black-owned businesses invest back into the patrons. ‘How about a cashback website?’ we thought. ‘A cashback website for Black-owned businesses? Cashblack!’ – and what started as a play on words is now our tech startup.”
Their bootstrapped venture has grown from an idea into a powerful tool for economic empowerment, overcoming numerous challenges along the way. They now boast partnerships with organisations such as Boots, Etsy, and Microsoft, have completed multiple accelerator programs and have won numerous awards.
Cashblack offers a robust network designed to connect consumers with over 700 Black-owned brands integrating a user-friendly website and mobile app. It also has partnerships with food delivery giants Deliveroo, Just Eat, and Uber Eats, enabling members to order from local Black-owned food vendors.
As Cashblack continues to grow the brothers have also launched Afrofiliate which enables Black-owned brands to reach new audiences through influencer marketing and affiliate programs, turning their customers into brand ambassadors who share in the profits of their success, thus amplifying the voices of Black entrepreneurs while fostering an ecosystem of support.
Together, Cashblack and Afrofiliate work to democratise consumerism by empowering both businesses and consumers to make intentional, impactful choices that support Black entrepreneurship.
With Black History Month on the horizon, Cashblack and Afrofiliate’s missions are more relevant than ever. Cashblack’s US soft launch on Juneteenth earlier this year set the stage for broader impact, while Afrofiliate’s affiliate platform offers another channel for Black-owned businesses to grow and prosper.
“We’re doing what we can for the people, and we’re hoping that the people can keep that same energy with us on our mission from that summer in 2020,” Matthew Addai reflects.
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