Black-woman-owned Prismm has secured significant funding to help families in times of crisis.

Prismm

Prismm is a transaction-enabled digital vault. It stores critical records that become essential during an emergency. Users can upload documents, property and asset information, and financial accounts. They can also add beneficiaries, trusted persons, lawyers, executors, or advisors as connections, granting them view-only, view-and-modify, or no access across all categories, according to the company’s website.

All information stored on Prismm is encrypted using HTTPS and kept in a digital vault that can be decrypted only with an authorized user account and the correct account key.

Prismm intends to protect deposits for financial institutions and automate the inheritance transfer process, which is timely given that $84.4 trillion in wealth is projected to be transferred to Millennial and Gen X heirs by 2045, according to financial services organization, Cerulli Associates.

Inception

Prismm was founded by Martha Underwood (CEO) after Hurricane Irma in 2017. Her father fell from a neighbor’s roof during cleanup and was unconscious, and Underwood observed that her mother didn’t know where to find documents and passwords or how to access the couple’s bank accounts, according to a press release shared with AFROTECH™.

“We didn’t know where his finances were,” Underwood told This Is Alabama. “How was the mortgage paid? Where were the bank accounts?”

Underwood, a former technology executive, began exploring a solution for families facing similar crises, which became even more timely in the wake of COVID-19 in 2020.

“Prismm equips banks, wealth advisors, credit unions, and other financial partners with the tools to protect families and their balance sheets by preventing the months-long loss of access that typically follows a loved one’s passing,” Underwood explained in the press release.

“We’re more than a digital vault, we’re a continuity platform that preserves deposits, strengthens multigenerational relationships, and gives caregivers — often women — the clarity and peace of mind they urgently need during life’s hardest moments,” she continued.

Funding Awarded

Prismm has been granted $1 million in federal funding through Delaware’s State Small Business Credit Initiative. The funds were allocated during a special bonus round of the Delaware Division of Small Business’ EDGE 2.0 Competition. EDGE stand for Encouraging Development, Growth and Expansion. The company also secured an additional $125,000 EDGE 2.0 grant from the Delaware Division of Small Business.

Both Underwood and her sister Shella Sylla, chief operating officer, were present at the competition to receive the funding.

The capital will support scaling banking partnerships and strengthening AI-powered document intelligence to ensure greater accuracy and speed.

Prismm has also relocated to Newark, DE, and will continue to maintain its smaller satellite office in Birmingham, AL, as it currently serves a Mississippi-based, $25 billion-asset bank under contract.

“We’re looking forward to making Delaware the home hub of generational wealth transfer infrastructure innovation,” Underwood explained in the news release.

“Baby boomers currently hold $140 trillion in wealth, and $84 trillion of that is projected to transfer to millennial and Gen X heirs through 2045, making this the greatest wealth transfer event in modern history. Delaware is primed to benefit economically through that transition and opportunity,” she continued.

Delaware Gov. Matt Meyer commented:

“EDGE 2.0 winners are turning ideas into paychecks and pride across our state, hiring Delawareans, investing in equipment, and keeping opportunity close to home. Delaware is a state of neighbors, and we will keep clearing the path for these entrepreneurs with practical support, fast service, and accountability. From shops and farms to labs and kitchens, their success strengthens every community.”