Greenwood, a neobank for African American and Latino individuals and businesses, acquired Kinly, a similar mobile banking platform, for an undisclosed amount. The acquisition combines two of the largest neobanks serving the African American community in the US. 

Following the acquisition, over 300,000 customers of Kinly will gain access to Greenwood’s comprehensive financial products that aid in community building and wealth creation.

Moreover, the founder and CEO of Kinly, Donald Hawkins, will take on the role of vice president on Greenwood’s executive management team and will support in developing strategic initiatives related to financial services and the economic empowerment of its members.

Analyst QuickTake: This is Greenwood’s third acquisition over the last year, highlighting its continued expansion strategy. Previously, it acquired Valence, a platform that assists with recruitment and professional development services, and The Gathering Spot , a private membership network, which both focus on serving African Americans.