Greenwood launches inclusive banking, targeting racial wealth divide

This past Tuesday, the Black-led banking platform Greenwood announced the General Access platform – expanding Greenwood’s spending, saving, and financial services to all. Founded in 2020 by rapper Killer Mike, former Atlanta mayor Andrew Young, and media executive Ryan Glover, Greenwood got its name from the Black Tulsa neighborhood that white racists destroyed in the 1920s. According to the press release, Tuesday’s launch sets up Greenwood to become of the nation’s largest Black-owned fintech companies for Black and Latino communities.

“In keeping with our original mission to close the racial wealth gap and address the exclusion Black and brown Americans have faced accessing tools for wealth creation, we’ve worked incredibly hard over the last few years to build a platform ready to take on the challenges that face our communities,” said Ryan Glover, CEO and co-founder of Greenwood Bank. “With the official launch of our General Access platform, we are able to provide even more community members with the tools and resources they need to meet the current moment.”

From the press release:

Today, the Greenwood platform boasts a variety of best-in-class features that remove traditional barriers to wealth creation – including overdraft penalties, in-network ATM fees, minimum balance fees, and peer-to-peer transfer fees. Banking members are able to utilize Greenwood’s new features like two-day early deposits, instant card deposit options, next-generation security features, and mobile check depositing features on an industry-leading mobile app with a 4.8 out of 5 star Apple App Store rating.

The General Access platform comes on the heels of Greenwood’s second investment fundraise in November 2022, led by Pendulum, a strategic growth investing and advisory platform designed for founders and leaders of color, founded and led by Robbie and D’Rita Robinson. In the last year, Greenwood has also successfully launched Elevate, a premium unique wrap-around banking and lifestyle product exclusively for Greenwood members, and acquired The Gathering Spot, A3C and Valence to provide its members with unparalleled access to professional networking opportunities, exclusive experiences, and more.