Greenwood (bank)

Greenwood is a Black- and Brown-owned financial technology institution that specifically targets Black and Latino people and businesses.[1] It is not FDIC insured; however, its banking services will be provided by FDIC-member banks. It was founded by former Atlanta mayor Andrew Young, rapper–activist Michael Render, and media executive Ryan Glover with $3 million of private investors to address a lack of banking services for people of color and representation of them in traditional banks.[2][3][4][5] It hopes that its competition will encourage bigger banks to reach more communities of color.[2] Upon opening account applications in October 2020, the bank received "tens of thousands" of requests in its first 48 hours.[6] Greenwood's services will not begin until 2021. As common among digital banks, services will be conducted under the regulatory charter of a larger, unnamed bank.[2] In addition to financial services, the bank says it will facilitate the Greenwood Give Back Program,[7] which will provide meals to needy families and support historically black colleges and universities, among other things.

Greenwood
TypePrivately Held Company
IndustryFinancial services
Founded2020 (2020)
FoundersAndrew Young, Michael Render, Ryan Glover
Headquarters
Atlanta, Georgia
,
United States
Area served
United States
Key people
ProductsDirect banking services
Websitebankgreenwood.com

The company's name refers to Greenwood District, Tulsa, a prosperous neighborhood known as the Black Wall Street prior to the 1921 Tulsa race massacre, when it was razed by a white mob.[2]

References
  1. "Why an Atlanta Rap Mogul Is Starting a Bank - The Journal. - WSJ Podcasts". WSJ. Retrieved October 16, 2020.
  2. Peters, Andy (October 8, 2020). "Killer Mike plans bank for Black, Latino consumers". The Atlanta Journal-Constitution. Retrieved October 11, 2020.
  3. Shieber, Jonathan (October 8, 2020). "Killer Mike, former Atlanta mayor Andrew Young and Bounce TV founder Ryan Glover launch a digital bank". TechCrunch. Retrieved October 11, 2020.
  4. Okon, Wongo (October 10, 2020). "Killer Mike Launches Digital Banking Platform For Black, Latinx People". UPROXX. Retrieved October 11, 2020.
  5. "Press Release". Greenwood (Press release). Retrieved October 16, 2020.
  6. Alcorn, Chauncey (October 10, 2020). "Killer Mike's new Black-owned bank receives 'tens of thousands' of account requests in less than 24 hours". CNN. Retrieved October 11, 2020.
  7. Johnson, CJ (October 19, 2020). "Greenwood Black: Everything You Need To Know". AtlantaFi.com. Retrieved October 11, 2020.

See also
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