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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. 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}} 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> Greenwood's services will not begin until 2021. As common among digital banks, services will be conducted under the regulatory charter of a larger, unnamed bank.{{r|AJC plans}}
'''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>

==Overview==
⚫
It is not [[FDIC]] insured; however, its banking services will be provided by FDIC-member banks. 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><ref>{{Cite press release|title=Press Release|url=https://bankgreenwood.com/press-release/|access-date=2020-10-16|website=Greenwood|language=en}}</ref>{{Excessive citations inline|date=December 2020}} It hopes that its competition will encourage bigger banks to reach more communities of color.{{r|AJC plans}} 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> Greenwood's services will not begin until 2021. As common among digital banks, services will be conducted under the regulatory charter of a larger, unnamed bank.{{r|AJC plans}}
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 and support [[historically black colleges and universities]], among other things.
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 and support [[historically black colleges and universities]], among other things.


Revision as of 02:16, 22 February 2021

Greenwood
Company typePrivately Held Company
IndustryFinancial services
Founded2020; 5 years ago (2020)
FoundersAndrew Young, Michael Render, Ryan Glover
Headquarters
Atlanta, Georgia
,
United States
Area served
United States
Key people
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. 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.[2][3][4] It hopes that its competition will encourage bigger banks to reach more communities of color.[2] Upon opening account applications in October 2020, the bank received "tens of thousands" of requests in its first 48 hours.[5] Greenwood's services will not begin until 2021. As common among digital banks, services will be conducted under the regulatory charter of a larger, unnamed bank.[2] In addition to financial services, the bank says it will facilitate the Greenwood Give Back Program,[6] which will provide meals to needy families and support historically black colleges and universities, among other things.

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.[2]

References

  1. ^ "Why an Atlanta Rap Mogul Is Starting a Bank - The Journal. - WSJ Podcasts". WSJ. Retrieved October 16, 2020.
  2. ^ 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.
  3. ^ 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.
  4. ^ Okon, Wongo (October 10, 2020). "Killer Mike Launches Digital Banking Platform For Black, Latinx People". UPROXX. Retrieved October 11, 2020.
  5. ^ 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.
  6. ^ Johnson, CJ (October 19, 2020). "Greenwood Black: Everything You Need To Know". AtlantaFi.com. Retrieved October 11, 2020.

See also

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