Greenwood, an Atlanta, GA-based digital banking platform for Black and Latino individuals and business owners, closed $40m Series A funding round.
The round was led by Truist Ventures, the corporate venture capital division of Truist Financial Corporation (NYSE: TFC), with participation from Bank of America, PNC, JPMorgan Chase, Wells Fargo, Mastercard, and Visa, FIS, Popular, TTV Capital, SoftBank Group Corp’s SB Opportunity Fund, Lightspeed Venture Partners (Scout Fund), Quality Ventures, and Alvin Kamara.
The company intends to use the funds to continue to expand its business reach and build a a range of financial products and services for financial empowerment.
Founded by Civil Rights leader Andrew J. Young; rapper and activist Michael “Killer Mike” Render; and Ryan Glover, founder of the Bounce TV Network, Greenwood is a modern digital banking services platform for Black and Latino individuals and businesses. The company is partnering with FDIC-insured banks to give customers the ability to spend and save securely through use of 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.
The company was announced in October 2020 and already has signed up more than 500,000 community members.