Greenwood is a new Black and Latinx-owned and operated digital bank created by rapper-activist, Michael “Killer Mike” Render and close friend, Bounce TV founder Ryan Glover. The leadership team of Greenwood also includes former Atlanta Mayor Andrew Young.
Greenwood unveiled its new platform this past Thursday after raising more than $3 million dollars in seed funding last summer.
Glover has been working on Greenwood since 2019, but, he said interest in the project rose after the police killing of George Floyd. Supporters of the Greenwood include many in the corporate world who vowed to support Black-owned businesses and financial institutions after Floyd’s killing captured nationwide outrage and attention.
The bank doesn’t officially open until January, 2021, but the site is open for people to join the waiting list for an account.
“I will say we’re in the tens of thousands,” Glover told CNN Business on Friday. “That number is increasing by the day.”
As an all-digital bank, Greenwood will be competing against already established institutions such as Chime, Aspiration, and Vero. Greenwood will offer all of the services of most banks, including checking and savings accounts, mobile deposits, peer to peer transfers, and almost all transactions will be serviced online. The bank also offers a global ATM network, Apple and Android Pay services, and two-day advances on paychecks for customers enrolled in direct deposit.
However, unlike other digital banks, Greenwood’s target audiences are Black and Latinx communities and anyone else who want to support a Black owned business.
“In order to build wealth, you need bank capital,” Glover said. “We will identify qualified entrepreneurs, business owners and creatives to equip them with the capital needed to make their dreams a reality.”
Greenwood gets its name from the former Greenwood district of Tulsa, Oklahoma, an early 20th century Black business community that was nicknamed “Black Wall Street”.
At a time when wealth building is a major factor in Black liberation, this is definitely needed for the Black community.
To learn more about Greenwood, visit: https://bankgreenwood.com/
