Prosperity Now Announces 'Prosperity Next': A Bold Tech Partnership with Change Machine and Credytu to Revolutionize Financial Inclusion

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Washington, D.C., September 5, 2024- This morning at the 2024 Prosperity Summit, Prosperity Now unveiled "Prosperity Next," a groundbreaking initiative to address economic disparities, in collaboration with transformative strategic partners Change Machineand Credytu. This partnership marks a significant advancement in the ongoing mission to create a just and equitable economy, particularly for communities of color, who have historically been denied access to capital.

A Unified Vision for the Future

For 45 years, Prosperity Nowhas been a leader in advocating for economic equity, working tirelessly to dismantle structural barriers that perpetuate economic inequities. With "Prosperity Next," Prosperity Now is not only enhancing its role as a market leader, but also spearheading efforts to create a more inclusive financial system. This partnership is pioneering a new path toward building a secondary market apparatus that connects lending with a much-needed capital markets structure for Community Development Financial Institutions (CDFIs).

"This partnership represents an extraordinary opportunity to advance our mission and broaden access to innovative solutions that drive financial inclusion," said Marisa Calderon, President and CEO of Prosperity Now. "Technology, when built with intention, holds the power to bridge the wealth gap, and by combining our strengths with the cutting-edge financial technology of Change Machine and Credytu, we are poised to accelerate systemic change and deliver greater financial security for millions of people across the country."

Unlocking the Potential of AI for CDFIs

As part of Prosperity Next, Credytu, and Prosperity Now will build a revolutionary AI-powered platform designed specifically for CDFIs and small business lenders. This platform will not only streamline operations and enhance client services, but also bridge the gap between lending and the capital markets, expanding impact and growth potential of these institutions. The AI-driven tools will improve efficiency in both English and Spanish and offer unprecedented data insights internal operations and investor relations.

"AI has the potential to either significantly shrink or significantly grow the opportunity and wealth gap in the United States," said Alexandra Villarreal O'Rourke, Founder of Credytu. "This platform will ensure that CDFIs benefit from the gap-closing power of this technology and bring that power to the communities they serve."

Revolutionizing Financial Security with Change Machine

Change Machine, led by Founder Mae Watson Grote, has been at the forefront of empowering marginalized communities with tools to build financial security. Through this partnership, Change Machine will integrate advanced data collection tools to enhance service offerings and drive better outcomes for clients.

"By joining forces with Prosperity Now, we can amplify progress toward our shared vision of building an economy that is just, fair, and free from structural inequity," said Mae Watson Grote, founder and CEO of Change Machine. "This partnership will allow us to push the boundaries of what's possible in financial security and equity by demanding more diverse inputs and in doing so expecting better outcomes. We believe responsible technology is the missing tool that can enable us to have better outcomes that close the racial and gender wealth gap."

A Dynamic Vision for Prosperity

The announcement, made during the Summit's plenary session, was framed as part of a larger discussion on how cutting-edge innovation and inclusive strategies can redefine prosperity. Featured speaker Nancy Giordano highlighted the importance of fresh leadership paradigms that emphasize agility, empathy, and purpose. Attendees were inspired by discussions on cultivating cultures of continuous learning, collaboration, and driving long-term value with a focus on societal well-being.

With "Prosperity Next," Prosperity Now reaffirms its commitment to learning from the past while boldly innovating for the future, setting the stage for a more equitable financial landscape.

About Prosperity Now
Since 1979, Prosperity Nowhas been a persistent voice championing economic opportunity, innovating outside of and beyond existing systems to build power for all communities. We advance economic equity by investing in bold new ideas, and we work deeply at both the grassroots and national level to impact our entire financial ecosystem. By setting goals for our economy and following through with targeted approaches based on need, we are equipped to drive forward and cement big structural solutions. Learn more at www.prosperitynow.org.About Change Machine
Change Machine is a nonprofit organization that builds financial security for low-income communities through technology solutions, strategic partnerships, and a commitment to social justice. Since its founding, Change Machine has empowered communities with the tools and resources needed to achieve financial independence and equity.

About Credytu

Credytu is a technology-driven financial services company specializing in bilingual, AI-powered solutions for small businesses and their lenders. Credytu is committed to the development of more nimble underwriting and service tools that help lenders better meet the needs of borrowers who face artificial credit barriers.