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'''Greenwood''' is a Black- and Brown-owned [[financial technology]] institution that specifically targets Black and Latino people and businesses.<ref>{{Cite web|title=Why an Atlanta Rap Mogul Is Starting a Bank - The Journal. - WSJ Podcasts|url=https://www.wsj.com/podcasts/the-journal/why-an-atlanta-rap-mogul-is-starting-a-bank/28045145-94f1-432d-986b-9305d1041313|access-date=2020-10-16|website=WSJ|language=en}}</ref> 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.<ref>{{Cite web |last1=Alcorn |first1=Chauncey |title=Killer Mike's new Black-owned bank receives 'tens of thousands' of account requests in less than 24 hours |work=[[CNN]] |date=2020-10-10 |url=https://www.cnn.com/2020/10/10/business/killer-mike-greenwood-bank/index.html |accessdate=2020-10-11 |df=mdy-all }}</ref> By January 26, 2021, the company had 500,000 prospective members.<ref>{{Cite web |title=Greenwood reaches 500,000 sign-ups, announces partnership and donation to King Center and Drum Major Institute|work=Greenwood |date=2021-01-26 |url=https://bankgreenwood.com/press-release/greenwood-reaches-500000-sign-ups-announces-partnership-and-donation-to-king-center-and-drum-major-institute/|accessdate=2021-01-26 |df=mdy-all}}</ref> 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.<ref name="CNN-GreenwoodDelays">{{cite news|last1=Alcorn|first1=Chauncey|title=Killer Mike’s bank has to postpone its launch again to catch up to high customer demand|work=CNN Business|date=2021-06-24|url=https://www.cnn.com/2021/06/24/business/greenwood-killer-mike-delayed/index.html|access-date=2021-08-11|df=mdy-all}}</ref>
'''Greenwood''' is a financial services company based in Atlanta, Georgia.<ref>{{Cite web|title=Why an Atlanta Rap Mogul Is Starting a Bank - The Journal. - WSJ Podcasts|url=https://www.wsj.com/podcasts/the-journal/why-an-atlanta-rap-mogul-is-starting-a-bank/28045145-94f1-432d-986b-9305d1041313|access-date=2020-10-16|website=WSJ|language=en}}</ref><ref>{{Cite web |last1=Alcorn |first1=Chauncey |title=Killer Mike's new Black-owned bank receives 'tens of thousands' of account requests in less than 24 hours |work=[[CNN]] |date=2020-10-10 |url=https://www.cnn.com/2020/10/10/business/killer-mike-greenwood-bank/index.html |accessdate=2020-10-11 |df=mdy-all }}</ref> First announced in October 2020, the company had 500,000 prospective members by January of the following year.<ref name="AJC plans">{{Cite web |last1=Peters |first1=Andy |title=Killer Mike plans bank for Black, Latino consumers |work=[[The Atlanta Journal-Constitution]] |date=2020-10-08 |url=https://www.ajc.com/news/killer-mike-plans-bank-for-black-latino-consumers/K4MIQVOSLJEELDFZG2VT4T3FNY/ |language=English |accessdate=2020-10-11 |df=mdy-all }}</ref><ref name="CNN-GreenwoodDelays">{{cite news|last1=Alcorn|first1=Chauncey|title=Killer Mike’s bank has to postpone its launch again to catch up to high customer demand|work=CNN Business|date=2021-06-24|url=https://www.cnn.com/2021/06/24/business/greenwood-killer-mike-delayed/index.html|access-date=2021-08-11|df=mdy-all}}</ref> 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.<ref name="CNN-GreenwoodDelays"/> The company offers its debit card and banking services through a partnership with Coastal Community Bank.<ref name=GreenwoodFAQ>{{cite web|title=Greenwood FAQ: Is Greenwood a Bank?|url=https://bankgreenwood.zendesk.com/hc/en-us/articles/4407951896475-Is-Greenwood-a-Bank-|access-date=2022-06-09}}</ref>

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.{{r|AJC plans}}


== History ==
== 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.<ref name="AJC plans">{{Cite web |last1=Peters |first1=Andy |title=Killer Mike plans bank for Black, Latino consumers |work=[[The Atlanta Journal-Constitution]] |date=2020-10-08 |url=https://www.ajc.com/news/killer-mike-plans-bank-for-black-latino-consumers/K4MIQVOSLJEELDFZG2VT4T3FNY/ |language=English |accessdate=2020-10-11 |df=mdy-all }}</ref><ref>{{Cite web |last1=Shieber |first1=Jonathan |title=Killer Mike, former Atlanta mayor Andrew Young and Bounce TV founder Ryan Glover launch a digital bank |work=[[TechCrunch]] |date=2020-10-08 |url=https://social.techcrunch.com/2020/10/08/killer-mike-former-atlanta-mayor-andrew-young-and-bounce-tv-founder-ryan-glover-launch-a-digital-bank/ |language=en-US |accessdate=2020-10-11 |df=mdy-all }}</ref><ref>{{Cite web |last1=Okon |first1=Wongo |title=Killer Mike Launches Digital Banking Platform For Black, Latinx People |work=UPROXX |date=2020-10-10 |url=https://uproxx.com/music/killer-mike-announces-greenwood-banking-black-latinx/ |language=en-US |accessdate=2020-10-11 |df=mdy-all }}</ref> It hopes that its competition will encourage bigger banks to reach more communities of color.{{r|AJC plans}}
Greenwood was founded by former Atlanta mayor [[Andrew Young]], rapper–activist [[Killer Mike|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.<ref name="AJC plans" /><ref>{{Cite web |last1=Okon |first1=Wongo |title=Killer Mike Launches Digital Banking Platform For Black, Latinx People |work=UPROXX |date=2020-10-10 |url=https://uproxx.com/music/killer-mike-announces-greenwood-banking-black-latinx/ |language=en-US |accessdate=2020-10-11 |df=mdy-all }}</ref> It hopes that its competition will encourage bigger banks to reach more communities of color.{{r|AJC plans}}

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 Inc.|Visa]], [[Mastercard]], [[PNC Financial Services|PNC]], Hispanic bank [[Popular, Inc.|Banco Popular]], and [[SoftBank Group]]. Additional investors included [[Lightspeed Venture Partners]], [[Quality Control Music|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.<ref>{{Cite web |last1=McKinney |first1=Jeffrey |title=Greenwood Prepares to Offer Digital Banking with $40 Million Funding in Place|work=[[Black Enterprise]] |date=2021-03-30 |url=https://www.blackenterprise.com/greenwood-prepares-to-offer-digital-banking-with-40-million-funding-in-place/|language=en-US |accessdate=2020-10-11 |df=mdy-all }}</ref>


In April 2021, Greenwood announced that they developed a partnership with [[MasterCard]] and they will issue the platform’s first debit cards.<ref>{{cite web |last1=Holland |first1=Frank |title=Mastercard announces an investment and a partnership in Black-owned businesses |url=https://www.cnbc.com/2021/04/20/mastercard-invests-in-fearless-fund-partners-with-greenwood.html |website=CNBC |publisher=CNBC |access-date=22 April 2021}}</ref>
In April 2021, Greenwood announced that they developed a partnership with [[MasterCard]] and they will issue the platform’s first debit cards.<ref>{{cite web |last1=Holland |first1=Frank |title=Mastercard announces an investment and a partnership in Black-owned businesses |url=https://www.cnbc.com/2021/04/20/mastercard-invests-in-fearless-fund-partners-with-greenwood.html |website=CNBC |publisher=CNBC |access-date=22 April 2021}}</ref>


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.<ref>{{cite web |last1=Ohara |first1=Emily |title=Greenwood Launches Greenwood Studio to Produce Finance and Business Shows and Podcasts for Black and Latino Audience |url=https://www.businesswire.com/news/home/20210805005236/en/Greenwood-Launches-Greenwood-Studio-to-Produce-Finance-and-Business-Shows-and-Podcasts-for-Black-and-Latino-Audience |website=Business Wire |publisher=Business Wire |access-date=22 August 2021}}</ref>
On August 5, 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.<ref>{{cite web |last1=Ohara |first1=Emily |title=Greenwood Launches Greenwood Studio to Produce Finance and Business Shows and Podcasts for Black and Latino Audience |url=https://www.businesswire.com/news/home/20210805005236/en/Greenwood-Launches-Greenwood-Studio-to-Produce-Finance-and-Business-Shows-and-Podcasts-for-Black-and-Latino-Audience |website=Business Wire |publisher=Business Wire |access-date=22 August 2021}}</ref>

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]]


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. The company offers a mobile-first banking experience with no hidden fees, early direct deposit, and overdraft protection. Kinly also provides financial education resources to help its members make informed financial decisions. The acquisition of Kinly will allow Greenwood to expand its reach and offer its services to even more people. Greenwood plans to integrate Kinly's technology and products into its own platform.<ref name="Business Wire">{{cite web |last1=Schilling |first1=Erin |title=Greenwood buys Kinly, will add lending services|url=https://www.bizjournals.com/atlanta/news/2023/05/02/greenwood-buys-another-company.html |website=Business Wire |publisher=Business Wire |access-date=3 May 2023}}</ref>
== Overview ==
As common among digital banks, services will be conducted under the regulatory charter of a larger traditional bank.{{r|AJC plans}} Greenwood's website lists their partner as Coastal Community Bank.<ref name=GreenwoodFAQ>{{cite web|title=Greenwood FAQ: About Our Mobile Digital Banking Platform & Service|url=https://bankgreenwood.com/faqs/|access-date=2021-06-14}}</ref>


=== Acquisitions ===
In addition to financial services, the bank says it will facilitate the Greenwood Give Back Program,<ref>{{Cite web |last1=Johnson |first1=CJ |title=Greenwood Black: Everything You Need To Know |work=[[AtlantaFi.com]] |date=2020-10-19 |url=https://atlantafi.com/greenwood-bank-opens/ |accessdate=2020-10-11 |df=mdy-all }}</ref> 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.
{| class="wikitable sortable"
|+Acquisitions by Greenwood
!scope="col"|Acquisition date
!scope="col"|Company
!scope="col"|Price
|-
|May 12, 2022
|scope="row"|The Gathering Spot<ref>{{cite web |last1=Brown |first1=Craig Allen |title=Greenwood, Inc. acquires The Gathering Spot |url=https://theatlantavoice.com/greenwood-inc-acquires-the-gathering-spot/ |work=The Atlanta Voice |access-date=12 May 2022 |date=12 May 2022}}</ref>
|
|-
|June 22, 2022
|scope="row"|Valence<ref>{{cite web |last1=Yates |first1=Shanique |title=Greenwood Acquires Valence With An Aim To Equip The Black And Latino Community With Jobs And Leadership Positions |url=https://afrotech.com/greenwood-acquires-valence |work=AfroTech |access-date=22 June 2022 |date=22 June 2022}}</ref>
|
|-
|May 2, 2023
|scope="row"|Kinly<ref name="Business Wire"/>
|
|-
|}


== See also ==
== See also ==
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==External links==
==External links==
*{{Official website|}}
*{{Official website|}}
*[https://bankgreenwood.com/content/ Greenwood Studios]
*[https://bankgreenwood.com/content/ Greenwood Studios] {{Webarchive|url=https://web.archive.org/web/20220118215257/https://bankgreenwood.com/content/ |date=January 18, 2022 }}
{{Portal bar|Business|United States|Banks}}
{{Portal bar|Business|United States|Banks}}


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[[Category:Banks established in 2020]]
[[Category:Banks established in 2020]]
[[Category:Black-owned companies of the United States]]
[[Category:Black-owned companies of the United States]]
[[Category:Companies based in Georgia (U.S. state)]]
[[Category:2020 establishments in Georgia (U.S. state)]]
[[Category:Companies based in Atlanta]]
[[Category:Financial services companies of the United States]]
[[Category:Financial services companies of the United States]]
[[Category:Neobanks]]
[[Category:Neobanks]]

Latest revision as of 15:21, 24 March 2024

Greenwood
Company typePrivately Held Company
IndustryFinancial services
Founded2020; 5 years ago (2020)
FoundersAndrew Young
Michael Render
Ryan Glover
HeadquartersAtlanta, Georgia, United States
Area served
United States
Key people
ProductsDirect banking services
Websitegogreenwood.com

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

[edit]

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.[3]

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 essential 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. The company offers a mobile-first banking experience with no hidden fees, early direct deposit, and overdraft protection. Kinly also provides financial education resources to help its members make informed financial decisions. The acquisition of Kinly will allow Greenwood to expand its reach and offer its services to even more people. Greenwood plans to integrate Kinly's technology and products into its own platform.[9]

Acquisitions

[edit]
Acquisitions by Greenwood
Acquisition date Company Price
May 12, 2022 The Gathering Spot[10]
June 22, 2022 Valence[11]
May 2, 2023 Kinly[9]

See also

[edit]

References

[edit]
  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. ^ a b c Peters, Andy (October 8, 2020). "Killer Mike plans bank for Black, Latino consumers". The Atlanta Journal-Constitution. Retrieved October 11, 2020.
  4. ^ a b 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. ^ "Greenwood FAQ: Is Greenwood a Bank?". Retrieved June 9, 2022.
  6. ^ Okon, Wongo (October 10, 2020). "Killer Mike Launches Digital Banking Platform For Black, Latinx People". UPROXX. Retrieved October 11, 2020.
  7. ^ Holland, Frank. "Mastercard announces an investment and a partnership in Black-owned businesses". CNBC. CNBC. Retrieved April 22, 2021.
  8. ^ 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.
  9. ^ a b Schilling, Erin. "Greenwood buys Kinly, will add lending services". Business Wire. Business Wire. Retrieved May 3, 2023.
  10. ^ Brown, Craig Allen (May 12, 2022). "Greenwood, Inc. acquires The Gathering Spot". The Atlanta Voice. Retrieved May 12, 2022.
  11. ^ Yates, Shanique (June 22, 2022). "Greenwood Acquires Valence With An Aim To Equip The Black And Latino Community With Jobs And Leadership Positions". AfroTech. Retrieved June 22, 2022.
[edit]
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