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
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
| Acquisition date | Company | Price |
|---|---|---|
| May 12, 2022 | The Gathering Spot[10] | |
| June 22, 2022 | Valence[11] | |
| May 2, 2023 | Kinly[9] |
See also
References
- ^ "Why an Atlanta Rap Mogul Is Starting a Bank - The Journal. - WSJ Podcasts". WSJ. Retrieved October 16, 2020.
- ^ 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.
- ^ a b c Peters, Andy (October 8, 2020). "Killer Mike plans bank for Black, Latino consumers". The Atlanta Journal-Constitution. Retrieved October 11, 2020.
- ^ 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.
- ^ "Greenwood FAQ: Is Greenwood a Bank?". Retrieved June 9, 2022.
- ^ Okon, Wongo (October 10, 2020). "Killer Mike Launches Digital Banking Platform For Black, Latinx People". UPROXX. Retrieved October 11, 2020.
- ^ Holland, Frank. "Mastercard announces an investment and a partnership in Black-owned businesses". CNBC. CNBC. Retrieved April 22, 2021.
- ^ 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.
- ^ a b Schilling, Erin. "Greenwood buys Kinly, will add lending services". Business Wire. Business Wire. Retrieved May 3, 2023.
- ^ Brown, Craig Allen (May 12, 2022). "Greenwood, Inc. acquires The Gathering Spot". The Atlanta Voice. Retrieved May 12, 2022.
- ^ 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.
External links
- Official website
- Greenwood Studios Archived January 18, 2022, at the Wayback Machine
