Greenwood (bank)

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Greenwood
TypePrivately Held Company
IndustryFinancial services
Founded2020; 3 years ago (2020)
FoundersAndrew Young
Michael Render
Ryan Glover
HeadquartersAtlanta, Georgia, United States
Area served
United States
Key people
ProductsDirect banking services
Websitebankgreenwood.com

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 05, 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]

See also

References

  1. ^ "Why an Atlanta Rap Mogul Is Starting a Bank - The Journal. - WSJ Podcasts". WSJ. Retrieved October 16, 2020.
  2. ^ 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.
  3. ^ a b c Peters, Andy (October 8, 2020). "Killer Mike plans bank for Black, Latino consumers". The Atlanta Journal-Constitution. Retrieved October 11, 2020.
  4. ^ 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.
  5. ^ "Greenwood FAQ: Is Greenwood a Bank?". Retrieved June 9, 2022.
  6. ^ Okon, Wongo (October 10, 2020). "Killer Mike Launches Digital Banking Platform For Black, Latinx People". UPROXX. Retrieved October 11, 2020.
  7. ^ Holland, Frank. "Mastercard announces an investment and a partnership in Black-owned businesses". CNBC. CNBC. Retrieved April 22, 2021.
  8. ^ 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.

External links