Greenwood (bank)

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Greenwood
TypePrivately Held Company
IndustryFinancial services
Founded2020; 2 years ago (2020)
FoundersAndrew Young
Michael Render
Ryan Glover
HeadquartersAtlanta, Georgia, United States
Area served
United States
Key people
  • Aparicio Giddins (President / Chief Technology Officer)
  • David Tapscott (Chief Marketing Officer)
  • Andrew Young (Board Member)
  • Paul Judge (Board Member)
ProductsDirect banking services
Websitebankgreenwood.com

Greenwood is a Black- and Brown-owned financial technology institution that specifically targets Black and Latino people and businesses.[1] It is not FDIC insured; however, its banking services will be provided by FDIC-member banks. Upon opening account applications in October 2020, the bank received "tens of thousands" of requests in its first 48 hours.[2] By January 26, 2021, the company had 500,000 prospective members.[3] Originally scheduled to open in January 2021, the bank's services have been delayed due to "unexpected high demand", first to July 2021, and then to the end of the year, with general public access expected in early 2022.[4]

The company's name refers to Greenwood District, Tulsa, a prosperous neighborhood known as the Black Wall Street prior to the 1921 Tulsa race massacre, when it was razed by a white mob.[5]

History[]

It was founded by former Atlanta mayor Andrew Young, rapper–activist Michael 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.[5][6][7] It hopes that its competition will encourage bigger banks to reach more communities of color.[5]

On March 25, 2021, Greenwood announced funding of roughly $40 million in Series A funding from Truist Financial, JPMorgan Chase, Bank of America, Wells Fargo, Visa, Mastercard, PNC, Hispanic bank Banco Popular, and SoftBank Group. Additional investors included Lightspeed Venture Partners, Quality Ventures, with NFL running back Alvin Kamara also listed as an investor. Ryan Glover announced that this additional capital will allow Greenwood to progress to an entire suite of offerings like loans, mortgages, and investment services by next year.[8]

In April 2021, Greenwood announced that they developed a partnership with MasterCard and they will issue the platform’s first debit cards.[9]

On August 05, 2021, Greenwood announced the launch of Greenwood Studios. Greenwood Content Studios will produce essential personal finance content targeted at the Black and Latino community covering topics like savings, investing, credit building, entrepreneurship, and wealth management.[10]

The initial lineup of content includes the following:

  • Greenwood X Earn Your Leisure Podcast, conversations about business and finance
  • Money Moves Podcast, on financial literacy and entrepreneurship
  • Ask Me Anything About Money Series, personal finance tips
  • GreenBook Directory, inspired by The Negro Motorist Green Book

Overview[]

As common among digital banks, services will be conducted under the regulatory charter of a larger traditional bank.[5] Greenwood's website lists their partner as Coastal Community Bank.[11]

In addition to financial services, the bank says it will facilitate the Greenwood Give Back Program,[12] which will provide meals to needy families through Goodr, support historically black colleges and universities, and non-profits like the United Negro College Fund and NAACP, among other causes.

See also[]

References[]

  1. ^ "Why an Atlanta Rap Mogul Is Starting a Bank - The Journal. - WSJ Podcasts". WSJ. Retrieved October 16, 2020.
  2. ^ Alcorn, Chauncey (October 10, 2020). "Killer Mike's new Black-owned bank receives 'tens of thousands' of account requests in less than 24 hours". CNN. Retrieved October 11, 2020.
  3. ^ "Greenwood reaches 500,000 sign-ups, announces partnership and donation to King Center and Drum Major Institute". Greenwood. January 26, 2021. Retrieved January 26, 2021.
  4. ^ Alcorn, Chauncey (June 24, 2021). "Killer Mike's bank has to postpone its launch again to catch up to high customer demand". CNN Business. Retrieved August 11, 2021.
  5. ^ a b c d Peters, Andy (October 8, 2020). "Killer Mike plans bank for Black, Latino consumers". The Atlanta Journal-Constitution. Retrieved October 11, 2020.
  6. ^ Shieber, Jonathan (October 8, 2020). "Killer Mike, former Atlanta mayor Andrew Young and Bounce TV founder Ryan Glover launch a digital bank". TechCrunch. Retrieved October 11, 2020.
  7. ^ Okon, Wongo (October 10, 2020). "Killer Mike Launches Digital Banking Platform For Black, Latinx People". UPROXX. Retrieved October 11, 2020.
  8. ^ McKinney, Jeffrey (March 30, 2021). "Greenwood Prepares to Offer Digital Banking with $40 Million Funding in Place". Black Enterprise. Retrieved October 11, 2020.
  9. ^ Holland, Frank. "Mastercard announces an investment and a partnership in Black-owned businesses". CNBC. CNBC. Retrieved April 22, 2021.
  10. ^ Ohara, Emily. "Greenwood Launches Greenwood Studio to Produce Finance and Business Shows and Podcasts for Black and Latino Audience". Business Wire. Business Wire. Retrieved August 22, 2021.
  11. ^ "Greenwood FAQ: About Our Mobile Digital Banking Platform & Service". Retrieved June 14, 2021.
  12. ^ Johnson, CJ (October 19, 2020). "Greenwood Black: Everything You Need To Know". . Retrieved October 11, 2020.

External links[]

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