Legendary hip-hop MC RAKIM and serial entrepreneur DIVINE have launched a fintech app to help artists gain financial stability.
The new platform, aptly named Notes, will help artists capitalize on their creative projects and gain financial independence.
Fintech Innovation Combines With Hip-Hop Legacy
Serial entrepreneur and former recording artist Victor D. Lombard, also known as DIVINE, announced the launch of the new company this week in partnership with RAKIM, one of hip-hop’s greatest emcees.
RAKIM rose to fame as one-half of the rap duo Eric B. and Rakim. Now, he is breaking new ground with an AI-powered platform, a one-stop shop for music, money, and knowledge for artists and creators.
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“Independent urban music artists and creators often struggle to gain financial stability despite their market impact,” RAKIM says. “With Notes, we’re building a community- and lifestyle-driven platform that combines cultural connection, technology, and empowerment to give them the tools they need to thrive.”
Notes provides the knowledge and tools to help artists manage their careers — such as resources to help them apply for loans or access credit scores. It teaches financial literacy and music business education by offering multimedia courses, step-by-step guides on economic management, and how to monetize music. The fintech also has a feature that lets artists write lyrics and connect with their peers on the app.
The app has a “digital passport” feature that lets users track credit scores, access loans, and use budget tools. Notes partners with lenders and creditors and earns a commission on referral fees when users apply for loans through the platform.
Notes, An Innovation To Empower Music Creators
DIVINE was inspired to launch the company alongside RAKIM because of his firsthand experience dealing with the indie urban music scene and the hardship of trying to fund a career.
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Through movies, profiles, and music itself, it’s well-documented that breaking into the music industry is complex and expensive. For every big-named artist that hits the charts, thousands are simply struggling to get by.
“The music industry, as it stands, is structured to take advantage of artists through exploitative contracts and limited financial resources, forcing them into predatory deals just to survive,” he told TechCrunch.
Having spent the past 10 years building fintech companies, he’s come to view technology as a great equalizer, a way to redistribute control back to artists and creators. The former recording artist previously founded fintech BLAK, which focused on serving underbanked communities and built Solvent, a neobank for underserved communities.
Notes will allow musicians to educate themselves, fund their projects, and build careers on their terms. He said now is a good time for this product because indie artists and creators are becoming more powerful and influential yet still lacking financial support.
The app, currently in beta, has AI tools, including an AI voice assistant in RAKIM’s voice. It is hoping to launch fully at the end of February.
Main Image: Rakim: Courtesy of Flickr