Greenwood

Greenwood provides digital banking services via a mobile app catering specifically to individuals and businesses from African American and Latino backgrounds. The company was founded by civil rights leader Andrew J. Young; rapper and activist Michael Render; and Ryan Glover, founder of the Bounce TV Network.

The neobank provides savings and checking accounts inclusive of debit cards, which can be used at over 40,000 ATMs, fee-free. It also facilitates peer-to-peer transfers and mobile check deposits and allows customers to integrate their debit cards with digital wallets such as Apple, Samsung, and Android Pay. The company also reports not charging hidden fees or overdraft fees. Additionally, the company introduced Greenwood Invest, a stock and ETF investing app, providing access to over 5,000 stocks and ETFs. It also allows customers to start investing with just 1 USD through fractional shares.

Greenwood acquired Kinly , a neobank serving the African American community, in April 2023 for an undisclosed amount. The transaction consolidates two of the largest neobanks serving this community, with Greenwood being able to extend its services to over 300,000 Kinly customers.

Moreover, the company made several other acquisitions to better serve the African American community and help facilitate the building of generational wealth. It acquired The Gathering Spot (in May 2022), a private membership network catering to young professionals and entrepreneurs, and Valence (in June 2022), a recruitment and professional development services. It provides access to these facilities to its members through a membership program called “Elevate".

Key customers and partnerships

The neobank does not possess its own banking license and provides its products in partnership with Coastal Community Bank. As of November 2022, Greenwood had over 100,000 banking customers and more than a million community members across The Gathering Spot and Vance networks.

Fundings and financials

Greenwood raised USD 45 million in Series B funding in November 2022 led by Pendulum, making it the largest investor on a dollar basis. The round also witnessed participation from other notable investors such as Cohen Circle, NextEra Energy, Bank of America, Citi Ventures, and Wells Fargo. It did not disclose the use of proceeds.