racial-equity | May 12, 2022

Greenwood acquires The Gathering Spot to build a community for minority professionals

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, May 12 — Atlanta-based neobank Greenwood has raised $43 million on the promise that it can deliver better banking services for Black and Latinx individuals and business owners. The company has tens of thousands of account holders, with a growing waitlist with 700,000.

Greenwood is looking to expand its community of Black and Latinx creatives, entrepreneurs and other professionals with the acquisition of The Gathering Spot, a private membership network with locations in Atlanta, Washington D.C. and Los Angeles.

Black business ecosystem

The Gathering Spot’s network of over 12,000 members, includes executives from Apple, Coca-Cola, Goldman Sachs, Microsoft, Meta, NAACP, Truist and Spotify. Greenwood members will have access to The Gathering Spot’s private clubs.

The combination “will unlock a full range from financial education to banking and financial tools,” said The Gathering Spot’s TK Peterson.