Greenwood: A New Banking Solution for Black and Latinx Communities

A digital banking platform aimed at the Black and Latinx communities is making its way up the ranks. 

Rapper and activist Killer Mike, Andrew J. Young, a civil rights activist and former mayor of Atlanta, and Ryan Glover, the founder of Bounce TV network, co-founded Greenwood, a modern bank for the culture.

“Today, a dollar circulates for 20 days in the white community, but only six hours in the black community,” said Killer Mike in a press release. “In addition, a black person is twice as likely to be denied a mortgage than a white person. This lack of fairness in the financial system is the reason why we created Greenwood.”

Glover added: “It is no secret that traditional banks have failed the Black and Latin community. We needed to create a new financial platform that understood our history and our future needs, a banking platform built by us and for us, a platform that would help us build a stronger future for our communities. This is our time to regain control of our lives and our financial future.”

Greenwood offered savings and spending accounts along with black metal debit cards to customers who signed up before the end of 2020. By January 2021, Greenwood had hit 500K sign-ups in 100 days. 

Killer Mike, Andrew J. Young and Ryan Glover of Greenwood.

Mike and his team’s banking platform are also providing digital payment capabilities for Apple, Samsung, and Android, deposits mobile checks, point-to-point transfers, virtual debit cards, and free use of ATMs in over 30,000 locations.

Greenwood plans to pay it forward by donating five free meals to a needy family with each new customer registration, according to their press release. 

In addition, Greenwood plans to award $10,000 grants to Black or Latinx customers who have small businesses in hopes of giving them the adequate attention they lack from traditional institutions. 

The idea of better assisting the Black and Latinx communities and businesses comes from the entrepreneurial spirit of Greenwood’s founders. They project the positioning of the digital bank to better assist our community.