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Greenwood (bank)

Greenwood is a financial services company based in Atlanta, Georgia.[1][2] First announced in October 2020, the company had 500,000 prospective members by January of the following year.[3][4] Originally scheduled to open in early 2021, the bank's services were delayed due to "unexpected high demand", first to July 2021, and then to the end of the year, with general public access in early 2022.[4] The company offers its debit card and banking services through a partnership with Coastal Community Bank.[5]

History

Greenwood was founded by former Atlanta mayor Andrew Young, rapper–activist Michael "Killer Mike" Render, and media executive Ryan Glover with $3 million of private investors to address a lack of banking services for people of color and representation of them in traditional banks.[3][6] It hopes that its competition will encourage bigger banks to reach more communities of color.

In April 2021, Greenwood announced that they developed a partnership with MasterCard and they will issue the platform’s first debit cards.[7]

On August 5, 2021, Greenwood announced the launch of Greenwood Studios. Greenwood Content Studios will produce personal finance content targeted at the Black and Latino community covering topics like savings, investing, credit building, entrepreneurship, and wealth management.[8]

On May 2, 2023, Greenwood announced that it had acquired Kinly, a neobank competitor focused on serving the Black community. Kinly was founded in 2020, the same year as Greenwood. Greenwood plans to integrate Kinly's technology and products into its own platform.[9]

Acquisitions

See also

  • Black capitalism
  • Banking in the United States

External links

References

  1. Why an Atlanta Rap Mogul Is Starting a Bank - The Journal. - WSJ Podcasts WSJ, retrieved 2020-10-16^
  2. Chauncey Alcorn. Killer Mike's new Black-owned bank receives 'tens of thousands' of account requests in less than 24 hours CNN, 2020-10-10, retrieved 2020-10-11^
  3. Andy Peters. Killer Mike plans bank for Black, Latino consumers The Atlanta Journal-Constitution, 2020-10-08, retrieved 2020-10-11^
  4. Chauncey Alcorn. Killer Mike’s bank has to postpone its launch again to catch up to high customer demand CNN Business, 2021-06-24, retrieved 2021-08-11^
  5. Greenwood FAQ: Is Greenwood a Bank? retrieved 2022-06-09^
  6. Wongo Okon. Killer Mike Launches Digital Banking Platform For Black, Latinx People UPROXX, 2020-10-10, retrieved 2020-10-11^
  7. Frank Holland. Mastercard announces an investment and a partnership in Black-owned businesses CNBC, CNBC, retrieved 22 April 2021^
  8. Emily Ohara. Greenwood Launches Greenwood Studio to Produce Finance and Business Shows and Podcasts for Black and Latino Audience Business Wire, Business Wire, retrieved 22 August 2021^
  9. Erin Schilling. Greenwood buys Kinly, will add lending services Business Wire, Business Wire, retrieved 3 May 2023^
  10. Craig Allen Brown. Greenwood, Inc. acquires The Gathering Spot The Atlanta Voice, 12 May 2022, retrieved 12 May 2022^
  11. Shanique Yates. Greenwood Acquires Valence With An Aim To Equip The Black And Latino Community With Jobs And Leadership Positions AfroTech, 22 June 2022, retrieved 22 June 2022^