Greenwood raises $3 million
Greenwood , the digital banking platform geared towards Black and Latinx people and business owners, has secured $3 million in seed funding from private investors.
Founded in 2020 and based in Atlanta, GA, Greenwood’s founders include civil rights leader and former Atlanta mayor, Andrew Young, rapper/entrepreneur Michael Render and Ryan Glover, Greenwood Chairman, and Bounce TV network founder. The executive leadership includes Aparicio Giddins, who will serve as President & Chief Technology Officer, David Tapscott as Chief Marketing Officer, with Andrew “Bo” Young, III and Dr. Paul Judge serving as Board Members.
Greenwood’s initial 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. Product features include Apple, Samsung, and Android pay, virtual debit cards, peer-to-peer transfers, mobile check deposits, and free ATM usage in over 30,000 locations are offered with no hidden fees. Customers who invite their friends to open accounts receive cash awards from Greenwood and all deposits are FDIC insured by a partner bank.
The company also has a give back initiative across three avenues:
- For every customer sign-up, Greenwood will provide five free meals to a family in need.
- Every swipe of a Greenwood debit card will prompt a donation to UNCF for education, Goodr to feed the hungry, or NAACP to support civil rights.
- And every month, Greenwood will provide a $10,000 grant to a Black or Latinx small business owner that is a Greenwood customer.
“It’s no secret that traditional banks have failed the Black and Latinx community. We needed to create a new financial platform that understands our history and our needs going forward, a banking platform built by us and for us, a platform that helps us build a stronger future for our communities. This is our time to take back control of our lives and our financial future. That is why we launched Greenwood, modern banking for the culture.” – Ryan Glover.
“Today, a dollar circulates for 20 days in the white community but only six hours in the Black community. Moreover, 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.” – Michael ‘Killer Mike’ Render.
“The work that 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. We have the skills, talent and energy to compete anywhere in the world, but to grow the economy, it has to 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.” – Ambassador Andrew Young.
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