Greenwood Closes $3 Million Funding Round to Create Online Banking Solution for Black and Latinx People


  • Andrew J. Young, civil rights legend, former United States Ambassador to the United Nations and former mayor of Atlanta
  • Michael Render, aka Killer Mike, rapper and black financial empowerment activist
  • Ryan Glover, President of Greenwood and Founder of the Bounce TV Network

“It’s no secret that traditional banks have failed the black and Latino community,” said Ryan Glover. “We needed to create a new financial platform that understands our history and our future needs, a banking platform built by us and for us, a platform that helps us build a stronger future for our communities. Now is the time to take back control of our lives and our financial future. That’s why we launched Greenwood, a modern bank for culture.”

“Today a dollar circulates for 20 days in the white community but only six hours in the black community,” said Michael ‘Killer Mike’ Render. “Also, a black person is twice as likely as a white person to be denied a mortgage. This lack of fairness in the financial system is why we created Greenwood.”

Greenwood’s executive leadership includes:

  • Aparicio Giddins, President and Chief Technology Officer (formerly of Bank of America and TD Bank)
  • David Tapcott, Chief Marketing Officer (formerly of Green Dot and Combs Enterprises)
  • Andrew “Bo” Young, III, Board Member (Managing Partner, Andrew Young Investment Group)
  • dr. Paul Judge, Board Member (co-founder of Pindrop and TechSquare Labs)

Product

Greenwood’s first products are savings and spending accounts that come with a stunningly designed black metal debit card for customers who sign up by the end of the year. Advanced features like Apple, Samsung, and Android Pay, virtual debit cards, peer-to-peer transfers, mobile check deposits, and free use of ATMs at over 30,000 locations are offered with no hidden fees. Customers who refer their friends to open accounts receive cash rewards as a thank you from Greenwood. All deposits are FDIC insured by a partner bank.

Additionally, Greenwood plans to work with physical minority-owned banks to provide deposits to strengthen historically black banks..

“The work we did in the civil rights movement wasn’t just about being able to sit at the counter. It was also about being able to own the restaurant,” the ambassador said. Andre Young. “We have the skills, the talent and the energy to be competitive around the world, but to grow the economy it must be based on the spirit of the universe and not the greed of the universe. Killer Mike, Ryan and I are launching Greenwood to continue this work of empowering black and brown people to have economic opportunity.”

Greenwood gives back

Greenwood has three primary avenues to support Black and Latino causes and businesses:

  • For every customer registration, Greenwood will provide five free meals to a family in need.
  • Every swipe of a Greenwood debit card will result in a donation to UNCF for education, Goodr to feed the hungry, or the NAACP to support civil rights.
  • And each month, Greenwood will provide a $10,000 grant to a Black or Latina small business owner who is a Greenwood client.

History of the name “Greenwood”

The name Greenwood pays homage to the prosperous “Black Wall Street”, which is part of the Greenwood District of Tulsa, Oklahoma, in the early 20th century – a center of African-American business, entertainment, skill, wealth and investment capital. Although destroyed by white mobs in 1921, the district of Greenwood remains an enduring symbol of the economic potential of community solidarity. The new neobank Greenwood is inspired by the spirit of entrepreneurship and empowerment of the Greenwood district, where a dollar has typically been circulated 36 times – and for up to a year – within the black community. The New Greenwood is also proud to be a sponsor of the Greenwood Contemporary Cultural Center in Oklahoma.

To register for a Greenwood account, visit www.bankgreenwood.com.

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SOURCE Greenwood Financial


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