LiveRamp Commits $15 Million in Cash Reserves with Financial Institutions to Support Underserved Communities

Rhea-AI Summary

LiveRamp (NYSE: RAMP) announced the establishment of $15 million in cash reserves aimed at supporting financial institutions that serve historically underserved communities. This initiative addresses the widening wealth gap in the US, particularly impacting minority and Black communities. LiveRamp aims to leverage its partnerships with OneUnited Bank and Southern Bancorp to enhance access to financial services. CEO Scott Howe emphasized the company's commitment to fostering economic opportunity for all citizens, while partners see potential for improving financial literacy within the Black community.

Positive

• Investment of $15 million to support underserved communities.
• Partnership with OneUnited Bank and Southern Bancorp to improve financial access.
• Focus on enhancing financial literacy within the Black community.

Negative

• None.

LiveRamp® (NYSE: RAMP), the leading data connectivity platform, today announced it has banked $15 million in cash reserves to financial institutions supporting historically underserved communities.

The lack of access to financial resources and services negatively impacts a continuously widening wealth gap in the US, which has disproportionately affected minority and Black communities. LiveRamp is in a fortunate position to be able to prioritize a more diverse approach to its banking relationships as part of its larger efforts around diversity, inclusion and belonging. Striving for positive change at scale, LiveRamp is proud to partner with these institutions and leverage the power of data to deliver better economic and social outcomes for all.

“We believe economic opportunity and access to financial services in the United States should be available to all citizens,” said Scott Howe, CEO of LiveRamp. “Recognizing we can be a catalyst for positive change through our own investment decisions, we are excited to partner with OneUnited Bank and Southern Bancorp to improve universal access to financial resources.”

While diversity, inclusion and belonging (DIB) is a cornerstone of LiveRamp’s culture, the company believes DIB extends beyond the workplace. Accordingly, it invests heavily in philanthropic opportunities for volunteerism, employee donation match programs, as well as its Data for Good initiative. OneUnited is the latest partner to join LiveRamp’s Data for Good initiative, with plans to leverage LiveRamp technology to better address the financial literacy gap within the Black community.

“Our vision is to use technology to teach and inspire the Black community to build net worth. We are proud to lock arms with LiveRamp to empower our community with state-of-the-art data connectivity technology,” said Kevin Cohee, Chairman and CEO of OneUnited Bank. “This partnership with LiveRamp brings us one step closer to truly understanding in depth the financial needs of Black Americans and providing our community with the critical tools necessary to build net worth.”

“We appreciate LiveRamp for their support of institutions like ours who are working to bridge the racial wealth gap through increased access to capital and financial development services,” said Darrin Williams, CEO of Southern Bancorp. “We’re also hopeful that their leadership will serve as an example to corporations looking to step beyond statements and move toward tangible actions that can truly help make a difference in communities.”

About LiveRamp

LiveRamp is the leading data connectivity platform for the safe and effective use of data. Powered by core identity capabilities and an unparalleled network, LiveRamp enables companies and their partners to better connect, control, and activate data to transform customer experiences and generate more valuable business outcomes. LiveRamp’s fully interoperable and neutral infrastructure delivers end-to-end addressability for the world’s top brands, agencies, and publishers. For more information, visit www.LiveRamp.com.

OneUnited Bank

OneUnited Bank is the premier bank for urban communities, the largest Black-owned bank, the first Black internet bank and a Community Development Financial Institution. Its mission is to provide affordable financial services to support economic development in urban communities and maintain superior financial performance to maximize shareholder value. OneUnited is an FDIC insured bank and an equal housing lender.

Southern Bancorp, Inc.

Founded in 1986 with an initial investment of $10 million, Southern Bancorp, Inc has grown into a $1.7 billion asset organization with 49 locations serving 65,000 customers. With a unique array of financial products and services, Southern Bancorp helps individuals at all stages of life’s financial journey – from teaching kids how to save to helping entrepreneurs and families realize the American Dream. Southern Bancorp is a certified Community Financial Development Institution, certified B-Corp, and proud member of the Global Alliance for Banking on Values.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210226005490/en/

FAQ

What is LiveRamp's recent investment amount?

LiveRamp has established $15 million in cash reserves to support financial institutions aiding historically underserved communities.

Which banks is LiveRamp partnering with?

LiveRamp is partnering with OneUnited Bank and Southern Bancorp to improve access to financial services.

How does LiveRamp aim to address the wealth gap?

LiveRamp aims to address the wealth gap by investing in banks serving minorities and promoting financial literacy.

What is the significance of LiveRamp's initiative for Black communities?

The initiative aims to enhance financial access and literacy for Black communities, helping bridge the racial wealth gap.