Greenwood (bank)
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 2020 |
| Founder | Andrew Young, Michael Render, Ryan Glover |
| Headquarters | Atlanta, Georgia , United States |
Area served | United States |
| Products | Banking services, debit cards |
Greenwood is a financial institution based in Atlanta, Georgia, specializing in services tailored for Black and Latino clients. Established in 2020 by Andrew Young, Michael Render, and Ryan Glover, the company focuses on providing direct banking solutions. By January 2021, Greenwood had garnered interest from 500,000 potential users.
Although initially set to debut in early 2021, the bank postponed its launch due to overwhelming demand, first pushing the date to July 2021 and subsequently to late 2021. Public availability commenced in early 2022. Greenwood offers debit card and banking functionalities through a collaboration with Coastal Community Bank.
History
The inception of Greenwood was driven by former Atlanta mayor Andrew Young, activist and rapper Michael "Killer Mike" Render, and media professional Ryan Glover. With an initial $3 million investment from private backers, their goal was to tackle the underrepresentation and limited banking options for people of color within conventional financial institutions. The company also seeks to motivate major banks to enhance their services for communities of color.
In April 2021, Greenwood teamed up with MasterCard to launch its inaugural debit cards.
On August 5, 2021, Greenwood introduced Greenwood Studios, a content platform dedicated to educating Black and Latino audiences on personal finance topics such as saving, investing, credit improvement, entrepreneurship, and wealth management.
Greenwood expanded its reach on May 2, 2023, by acquiring Kinly—a neobank competitor focused on serving the Black community. Founded in 2020, Kinly’s technology and offerings are slated for integration into Greenwood’s platform.
Acquisitions
| Date of Acquisition | Company Name | Transaction Amount |
|---|---|---|
| May 12, 2022 | The Gathering Spot | |
| June 22, 2022 | Valence | |
| May 2, 2023 | Kinly |