Greenwood Inc., which launched the “Bank Black” initiative in 2020, announced a $45 million venture capital investment to extend its digital banking services. According to Forbes, former entertainment executive Ryan Glover, software entrepreneur Paul Judge, 90-year-old former Atlanta Mayor Andrew Young Jr., and rapper Michael “Killer Mike” Render co-founded the Atlanta-based digital banking platform.
Greenwood Inc., named after Tulsa, Oklahoma, the site of the Tulsa Race Massacre, was founded to assist Black and Brown clients who are increasingly turning to minority-owned financial institutions as an alternative to mainstream banks with decades of racial prejudice. It currently has approximately 100,000 customers, with an additional 200,000 on a waiting list. Pendulum, a firm that targets Black and Brown founders, led the digital bank’s most recent funding round. With the investment, Pendulum became the largest dollar investor in the digital banking platform.
Greenwood Inc. raised $40 million in funding for the digital banking platform last year. It recently acquired Valence, a Black professional social networking platform, and The Gathering Spot, a coworking and event space for Black professionals. Elevate is a membership club created by Greenwood Inc. that provides access and expanded benefits to Valence and The Gathering Spot, as well as other exclusive experiences such as private concerts and meet-and-greets. Greenwood believes that combining banking services, networking, and career development and advancement can assist Black and Brown families and entrepreneurs in growing and maintaining wealth, according to Glover. Greenwood Inc.’s conventional banking platform will be free, with a $10 monthly premium tier. Monthly membership in Elevate will cost $200. – Steve Sijenyi