| Greenwood | |
| Type: | Privately Held Company |
| Industry: | Financial services |
| Predecessors: | --> |
| Successors: | --> |
| Founders: | Andrew Young Michael Render Ryan Glover |
| Hq Location: | Atlanta, Georgia, United States |
| Area Served: | United States |
| Products: | Direct banking services |
| Owners: | --> |
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]
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.[6] It hopes that its competition will encourage bigger banks to reach more communities of color.
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 5, 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]
On May 2, 2023, Greenwood announced that it had acquired Kinly, a neobank competitor focused on serving the Black community. Kinly was founded in 2020, the same year as Greenwood. The company offers a mobile-first banking experience with no hidden fees, early direct deposit, and overdraft protection. Kinly also provides financial education resources to help its members make informed financial decisions. The acquisition of Kinly will allow Greenwood to expand its reach and offer its services to even more people. Greenwood plans to integrate Kinly's technology and products into its own platform.[9]
| Company | Price | |
|---|---|---|
| May 12, 2022 | The Gathering Spot[10] | |
| June 22, 2022 | Valence[11] | |
| May 2, 2023 | Kinly | |