Killer Mike’s digital banking platform Greenwood closes $40m Series A round

As part of its Series A funding round led by Truist Ventures, Greenwood has raised $40 million for its digital banking platform designed for Black and Latino communities.

Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., PNC Financial Services Group Inc., Mastercard and Visa Inc were some of the other investors, along with technology providers like FIS and Banco Popular, a Hispanic-owned company, as well as venture capital firms such as SoftBank, TTV Capital, Lightspeed Venture Partners and Quality Ventures.

As a result of the $3m investment from private investors that Greenwood secured in October, Greenwood aims to develop nonpredatory lending products that will recirculate capital in communities of color. We will use the funds to build our team and provide community-focused financial services to the community.

The company is co-founded by former ambassador Andrew Young, Ryan Glover and rapper Michael ‘Killer Mike’ Render, and after amassing a waiting list of more than 500,000 potential users, they will launch debit and savings accounts in the near future. There are plans to launch the company’s investment products sometime in 2022, the company said.

The net worth of a typical white family is nearly ten times greater than that of a typical black family and eight times greater than that of a typical Latino family, Glover said, commenting on the importance of supporting the Black community. In order to address this wealth gap, collaboration is needed in order to resolve it.

It is indeed a testament to the contemporary influence of the Black and Latino community in the United States that six out of seven of the world’s largest banks and two of the world’s largest payment technology companies have backed this initiative.” It is now more than ever possible for us to provide our customers with world-class services that they deserve.

In Glover’s opinion, the timing of his project, which he’s been working on for the past couple of years, couldn’t have been more perfect after the cultural movement that arose after George Floyd’s murder, last year, to support Black-owned businesses.

According to Glover, “In order to be considered as a part of the Greenwood District of Tulsa, Oklahoma, which includes the prosperous “Black Wall Street”, it is very important that our actions live up to the promise of our name,” says Glover.

An innovative digital banking platform targeting Black and Latino communities has raised $40 million in a Series A funding round led by Truist Ventures.

Other investors included Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., PNC Financial Services Group Inc., Mastercard and Visa Inc alongside technology provider FIS, Hispanic-owned Banco Popular and venture capital firms SoftBank, TTV Capital, Lightspeed Venture Partners and Quality Ventures who also took part.

Greenwood, an app that is the first non-predatory lending platform for recirculating capital in the Black and Latinx communities, was funded last fall by private investors for a $3m seed round.

Community-focused financial services include delivering financial products to people who don’t have access to banks.

Fidelity Investments, the world’s biggest provider of institutional money management services, has launched a cryptocurrency trading platform.

We love the work that the Black Lives Matter movement has done to bring attention to the issues in the Black community. We believe everyone has the right to live with dignity and respect, and we will continue to support the Black Lives Matter movement until all lives are valued equally.

The need for collaboration is a cure to an injustice that exists in this country today. The backing of six of the top seven banks and the two largest payment technology companies is a testament to the power and influence that the black and latino community has had in shaping American history.

Greenwood is a proud member of the Tulsa Greenwood District Association, and we think it is critically important that our actions live up to the promise of our name.

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