In cultures around the world families and friends pool their money together into a single pot of money. The process is called esusu, and a new app has adopted the name and making the process easier than ever.
Abbey Wemimo is the co-founder of Esusu. As an immigrant himself, Wemimo's mother practiced esusu and used that financing strategy to send Wemimo to school.
Wemimo explains that the main focus is to create a platform for immigrants and people of color, but of course he would be happy for all Americans to use the platform. Accessibility was a key factor in developing Esusu, which is why Wemimo says the company built a phone-based app.
Cheddar has been covering the biggest news of the week with some of the biggest names in the biz. In case you missed it, we've pulled together some of the highlights that will keep you informed as we get ready for the week ahead.
Stocks are closing lower on Wall Street, marking their third losing week in the last four. Banks, technology companies and industrials all helped pull major indexes lower Friday.
Kellogg's has reached a new tentative agreement with its 1,400 striking cereal plant workers that could bring an end to the strike that began Oct. 5.
U.S. health advisers are recommending that most Americans get the Pfizer or Moderna vaccines instead of the Johnson & Johnson shot.
Technology companies led stocks lower on Wall Street Thursday as investors weighed the implications of higher interest rates as the Federal Reserve prepares to begin raising rates next year to fight inflation.
Former McDonald’s CEO Steve Easterbrook has paid back more than $105 million in equity awards and cash to the burger giant after it learned that he had lied about the extent of his misconduct while he was its top executive.
The Federal Reserve has nixed the controversial word "transitory" to describe inflation in its latest policy statement. The change in language comes as the Fed plans to speed up its tapering of monthly asset purchases.
Stocks rose steadily on Wall Street Wednesday after the Federal Reserve said it would accelerate its pullback of economic stimulus and would likely raise interest rates three times next year to tackle rising inflation.
Despite the hype and headlines earlier this year around meme stocks and Robinhood, the SEC and FINRA have made few concrete changes around retail investing.
The Senate Committee on Banking, Housing and Urban Affairs held a hotly debated hearing regarding fiat-backed stablecoins on Tuesday that still led to a conclusion the space needed some form of regulation.
