Block Backs Indigenous Business Sector with AUD$3M Investment in First Australians
13 Novembre 2023 - 1:01AM
Business Wire
Indigenous businesses across Australia that face barriers to
finance and services from mainstream banks are set to benefit from
a new fund being set up by First Australians Capital (FAC), a
national Indigenous-led fund manager dedicated to helping
Indigenous entrepreneurs grow and scale their businesses.
Block, Inc. (NYSE: SQ) (formerly Square, Inc.), a global
technology company best known in Australia for its Square and
Afterpay businesses, is investing AUD$3 million in capital to the
fund with its first social impact investment in Australia. Block
Head Jack Dorsey was in Melbourne to meet with the FAC team and
finalise the commitment.
“I’m thrilled that we can make our first Australian social
impact investment with First Australians Capital, an organisation
dedicated to helping Indigenous-led businesses find better
solutions to thrive,” said Jack. “We know first-hand that many
people are left out of the economy by mainstream services, that’s
why our business exists, so it’s great to find a partner equally
aligned with financial inclusion.”
Block and its businesses, including Square, Cash App, TIDAL, and
TBD, have a shared purpose of expanding economic access for
everyone. Today’s investment comes from its USD$100 million social
impact investment fund, which was established in 2020 to support
minority and underserved communities, allocating USD$10 million for
social impact investments in markets outside the U.S.
“The Indigenous business sector can be a powerful economic
contributor to community and intergenerational wealth creation for
First Australians,” said Brian Wyborn, Managing Partner at FAC. “We
are delighted to have Block onboard as an investment partner for
our new fund that will help us expand critical scale-up support
services to even more Indigenous-led businesses across
Australia.”
First Australians Capital was founded in 2016 to enable
Indigenous-led businesses to access capital solutions that can help
them grow and scale. FAC lends between AUD$100,000 and
AUD$2,000,000 to Indigenous-owned and -led businesses, which have
historically had to rely on unsuitable financial products from
traditional banks. Dr. Clinton Schultz, founder of popular
non-alcohol beverage brand Sobah, knows first-hand the success that
can be achieved with the right support.
“The capital and services we have been able to access through
our partnership with FAC have been a game-changer for our business,
with our products now sold at hundreds of retailers across the
country and expansion into South East Asia, the US and the UK.
Accessing capital remains a huge challenge for Indigenous
entrepreneurs who want to grow, so this investment is a huge vote
of confidence for our business sector, and our broader community,
at a time when we need it most.”
About First Australians Capital
First Australians Capital (FAC) is a national Indigenous-led
fund manager and business advisory organisation that connects
investment markets with the Indigenous economy, offering
accessible, patient debt finance to support Indigenous businesses
and address racial inequity in Australia’s finance sector. FAC
focuses on diverse, impact-driven investments into Indigenous-led
businesses that create long-term social and environmental impact
for Indigenous businesses and communities. Since 2016, FAC has
worked with over 800 Indigenous businesses, and leveraged more than
$70mil in capital to scale sustainable Indigenous businesses.
About Block
Block, Inc. (NYSE: SQ) (formerly, Square, Inc.) is a global
technology company with a focus on financial services. Made up of
Square, Cash App, TIDAL, and TBD, we build tools to help more
people access the economy. Square makes commerce and financial
services easy and accessible for sellers with its integrated
ecosystem of technology solutions. With Cash App, anyone can easily
send, spend, or invest their money in stocks or bitcoin. Afterpay
brings Square and Cash App together, connecting consumers and
businesses. Artists use TIDAL to help them succeed as entrepreneurs
and connect more deeply with fans. TBD is building an open source
platform and developer infrastructure that enables everyone to
access and participate in the global economy.
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