Dealflow | October 12, 2020

Greenwood raises $3 million for a digital bank for Black and Latinx customers

Dennis Price
ImpactAlpha Editor

Dennis Price

ImpactAlpha, Oct. 12 – ‘Neobank’ Greenwood, founded by former Atlanta mayor Andrew Young, rapper Michael ‘Killer Mike’ Render, and Bounce TV’s Ryan Glover, provides online banking services and ways to give back to Black and Latinx causes.

“It’s no secret that traditional banks have failed the Black and Latinx community,” Glover said in a statement. “We needed to create a new financial platform that understands our history and our needs going forward.” Glover told CNN that Greenwood has a waitlist of tens of thousands of customers. The venture did not disclose its angel investors.

  • Black Wall Street. The bank’s name pays homage to the prosperous “Black Wall Street,” in Tulsa’s Greenwood District in the early 1900s. The new venture will provide donations to Black causes with each sign up and card swipe and a $10,000 grant each month to a Black or Latinx small business owner. It will make deposits to help strengthen historically black banks.