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Immigrants are a huge chunk of the American pie. The diaspora comes from all walks of life, from students to business owners to H1B workers. One in seven U.S. residents is an immigrant, while one in eight residents is a native-born U.S. citizen with at least one immigrant parent. When immigrants choose to start a new life in America, it sends a ripple effect into both the society and economy:

  • Immigrant-led households across the US contributed a total of $330.7 billion in federal taxes and $161.7 billion in combined state and local taxes in 2019.
  • As consumers, residents of immigrant-led households had $1.3 trillion in collective spending power (after-tax income) in 2019.
  • Immigrant entrepreneurs generate tens of billions of dollars in business revenue. 3.2 million immigrant business owners accounted for 22% of all self-employed U.S. residents in 2019 and generated $86.3 billion in business income.[1]

45% of Fortune 500 companies were founded by immigrants or by their children, such as Amazon, Apple, Tesla, and Alphabet, Google’s parent company.[2] Other companies you may be familiar with include Yahoo!, Kraft Foods, Zumba Fitness, SpaceX, Home Depot, AT&T, Pfizer, eBay, Kohl’s, Intel Corporation and the Walt Disney Company.

Simply put, immigrants are indispensable for the American economy.And yet, access to banking services and credit is still limited for the diaspora. According to a recent poll, 49% of immigrants said a U.S. credit card was hard to obtain.[3] In fact, for all the incredible contributions they make on a collective level, many are still considered “credit invisible”.

This contradiction is perplexing. If immigrants are to fully participate in American society, and give back in amazing ways, they must be allowed equal access to financial services. The concept of financial inclusion must be broad enough to include “credit worthiness” of immigrants who don’t yet have a credit score here. Stay tuned for our next blog on how InstaKin provides a unique solution to the problem of credit worthiness for immigrants!