Greenwood, the digital banking platform for Black and Latino individuals and business owners, today announced it has closed $40 million of Series A funding from six of the seven largest U.S. banks and the top two payment technology companies: Truist, Bank of America, PNC, JPMorgan Chase, Wells Fargo, Mastercard, and Visa. The group is joined by FIS, a leading provider of technology solutions for merchants, banks and capital markets firms globally, and Banco Popular, the largest Hispanic-owned bank in the U.S.; venture capital firms TTV Capital, the SoftBank Group Corp’s SB Opportunity Fund and Lightspeed Venture Partners (Scout Fund); sports and entertainment names including Quality Ventures, the private equity arm of sports media conglomerate Quality Control, and All-Pro NFL running back Alvin Kamara. Greenwood will continue to build a community focused on financial empowerment and deliver a range of financial products and services.
“The net worth of a typical white family is nearly ten times greater than that of a Black family and eight times greater than that of a Latino family. This wealth gap is a curable injustice that requires collaboration,” said Ryan Glover, Chairman and Co-founder of Greenwood. “I am elated that many of the world’s top fintech companies have invested in Greenwood and join us in this mission. The backing of six of the top seven banks and the two largest payment technology companies is a testament to the contemporary influence of the Black and Latino community. We now are even better positioned to deliver the world-class services our customers deserve.”
The company’s $40 million capital raise is led by Truist Ventures, the corporate venture capital division of Truist Financial Corporation (NYSE: TFC). The investor group is committed to advancing economic empowerment of minority and underserved communities and racial equity in financial services. A video featuring the investors in this funding round can be viewed at www.bankgreenwood.com/bankingtheculture.
Greenwood will feature best-in-class online banking services, innovative ways to support Latino and Black-owned banks and give-back programs focused on Black and Latino causes and businesses. “We think it is critical that our actions live up to the promise of our name,” said Glover, referring to Tulsa, Oklahoma’s Greenwood District of the early 20th Century, which included the prosperous “Black Wall Street”.
“Truist Ventures is helping to inspire and build better lives and communities by leading the Series A funding round for Greenwood’s innovative approach to building greater trust in banking within Black and Latino communities,” said Truist Chief Digital and Client Experience Officer Dontá L. Wilson who oversees Truist Ventures. “In addition to the opportunity to work with and learn from this distinguished group of founders, our investment in Greenwood is reflective of our purpose and commitment to advancing economic empowerment of minority and underserved communities.”
“Greenwood is the right idea at the right time,” said Shu Nyatta, Managing Partner of SoftBank’s Opportunity Fund. “Galvanizing a broad coalition of consumers and companies to close the racial equity gap is very closely aligned with our mission at the Opportunity Fund. We are enthusiastic supporters of what Greenwood is trying to accomplish.”
Greenwood was announced in October 2020 and already has signed up more than 500,000 community members.
To learn more and join the Greenwood community and product waitlist, visit www.bankgreenwood.com.
Greenwood is a modern digital banking services platform for Black and Latino individuals and businesses. Greenwood is partnering with FDIC-insured banks to give customers the ability to spend and save securely through use of best-in-class banking services and innovative ways to support Black and Latino causes and businesses. Advanced account features include Apple, Samsung, and Android Pay, virtual debit cards, peer-to-peer transfers, mobile check deposits, and surcharge fee-free ATM usage in over 40,000 global locations. Additionally, Greenwood plans to partner with and strengthen historically Black banks by providing access to deposits and lending demand. Greenwood was founded by Civil Rights leader Andrew J. Young; rapper and activist Michael “Killer Mike” Render; and Ryan Glover, founder of the Bounce TV Network. The Greenwood District of Tulsa, Oklahoma, which included the “Black Wall Street” of the early 20th Century, is an enduring symbol of the economic potential of community solidarity and empowerment.
Truist Ventures is the corporate venture capital division of Truist Financial Corporation (NYSE: TFC), a purpose-driven financial services company committed to inspire and build better lives and communities. Headquartered in Charlotte, North Carolina, Truist Ventures delivers unprecedented touch and technology to Truist clients through partnerships with, and investments in, innovative companies and exceptional management teams with novel solutions to help Truist shape the future of finance. Truist Ventures’ investment focus includes Financial Technology, Payments & Money Movement, and Regtech and stretches into other adjacent, disruptive technologies that enable Truist to deliver a human touch in new ways. Leveraging Truist’s extensive network of executive-level talent and industry experts in technology, investment banking, capital markets and innovation, the Truist Ventures team helps portfolio companies fulfill growth opportunities through unparalleled access to exceptional support. Learn more at Truistventures.com. Davis Polk & Wardwell LLP served as legal counsel to Truist Ventures as lead investor.