Killer Mike, Andrew J. Young and Ryan Glover’s Greenwood banking platform raised nearly $40 million in Series A funding

Killer Mike, Andrew J. Young and Ryan Glover’s Greenwood banking platform raised nearly $40 million in Series A funding

April 6, 2021 0

Nicknamed “Black Wall Street”, the emerging fintech startup named after the early 20th-century African-American business district in Tulsa, Oklahoma, has raised approximately $40 million in Series A funding since its inception in October. According to a joint announcement released on Thursday. “The challenge of the racial prosperity gap can only be effectively addressed by a coalition focused on the mission of financial justice.” Killer Mike told CNN Business on Wednesday via email.

Michael “Killer Mike” Render, Ambassador Andrew J. Young and Ryan Glover are founders of Greenwood, the first digital banking platform for African-American & Latin Americans and business owners

Truist Bank, Bank of America (BAC) and JPMorgan Chase (JPM) are among a growing list of top financial institutions currently investing in Greenwood. Due to overwhelming demand for more than 500,000 people, it was forced to postpone its scheduled January start date. According to Glover, the timing for Greenwood, which he has been working on since 2018, couldn’t have been more perfect after the black-owned business support movement that began after the murder of George Floyd. last year. “We now have about 600,000 people on our waiting list,” Glover told CNN Business. “This really is evidence of the need for financial support in the African American and Latin American communities.” According to the Truist Bank(TFC), it became the main investor in Greenwood after the fintech platform was presented in October.The Charlotte-based commercial bank was the first major institution to inquire about an investment in Greenwood, according to corporate executives. Other major investors include Mastercard(MA),Visa(V),Wells Fargo(CBEAX) and the SB Opportunity Fund of Soft Bank (SFTBF), PNC and Banco Popular. The venture capital firms Lightspeed Venture Partners and TTV Capital followed suit. Fintech companyFIS and private equity division Quality Ventures. Actor, Jesse Williams and the New Orleans Saints, who are bringing back Alvin Kamara, have also joined Greenwood’s investment team.Vanessa Vreeland, Truist’s head of venture capital, Truist Ventures, says her employer is a firm believer in Greenwood’s mission of financial empowerment and closing the racial wealth gap between white Americans and people of color.

Actor, director, producer, and community activist Jesse Williams (left) & Greenwood Co-Founder & Chairman, Ryan Glover

“We’re trying to solve this problem in different ways, but we haven’t seen anyone try to solve it from that angle,”

Vreeland told CNN Business. Greenwood is on track to launch its online spending and debit account services in July, according to Glover.The company plans to roll out its credit and credit account services by the end of this year and will unveil its investment product offerings sometime in 2022. Greenwood recently hired several people, including former Brightwell Chief Compliance Officer – Lynn Tillman-Cherry, who joined Glover and Render Team in January.

Lynn Tillman-Cherry, Chief Compliance and Risk Officer

Is Greenwood still Black and Latinx-owned?

Glover said Greenwood’s new funders haven’t changed the company’s focus on African Americans and Latin Americans owning their own financial institutions. Glover said Greenwood is sticking to its plan to work primarily through Black and Latin American minority institutions and community development financial institutions to provide its digital account and credit services.The company plans to announce who its MDI partners are before the official launch this summer. “We’re still majority black and Latin-owned,” said Glover. “It’s important that we align with this fact as part of our DNA. According to Vreeland, regulatory controls forbid investors like Truist from influencing the management of Greenwood, but the fact that so many big banks and other investors want to support Greenwood shows how viable the company and its mission have become. “It really legitimizes this group as serious players in this space”, she said. Greenwood may be minority-owned, but Render and Glover highlight that it is a bank for all Americans who support their mission of financial empowerment. “It’s a black bank that serves a diverse group of people,” said Render. “We want to integrate into this sector, be one of the competitors, and help bring banking back into our community to build and uplift businesses that will be better for the greater good.”

https://www.youtube.com/watch?v=9pmCGN2iIt4

Learn more about Greenwood at https://bankgreenwood.com/

BMI Staff
BMI Staff