Greenwood, the digital banking startup for Black and Latino folks and enterprise house owners, has closed a $45 million funding spherical led by Pendulum, an funding agency designed for founders of color.
The brainchild of former Atlanta mayor Andrew Younger, Run the Jewels member Killer Mike – AKA Michael Render – and Bounce TV community founder Ryan Glover, Greenwood is called for the affluent “Black Wall Avenue,” a part of the Greenwood District of Tulsa, Oklahoma, through the early twentieth Century.
The enterprise goals to deal with a racial wealth hole that in 2020 noticed white households maintain 84% of complete family wealth within the US, with Black households holding simply 4 per cent – regardless of making up over 13% of the inhabitants.
Greenwood has signed up greater than 100,000 prospects to its digital banking platform, the place it affords a bunch of merchandise in partnership with FDIC-insured banks.
Nevertheless, it’s also constructing a wider group of greater than one million members due to the current acquisitions of The Gathering Spot, a non-public membership community, and Valence, a profession improvement and job recruiting platform.
These acquisitions are getting used to launch a brand new Greenwood membership referred to as Elevate, which affords entry to bodily clubhouses, a networking platform and job listings. Members additionally get entry to invitation-only occasions and different advantages akin to luxurious journey facilities.
Says Ryan Glover: “Our imaginative and prescient is to make Greenwood the premier vacation spot for Black and Latino wealth creation and regeneration whereas conserving group connection and collective skilled development on the centre.”