Greenwood is a digital banking platform designed for Black and Latino customers. Since they are not a bank itself but a technology company, its FDIC-insured partner banks will provide the banking services.
As the first Black-owned financial institution and neobank, Greenwood was founded with the hope of conquering some of the discriminatory banking industry practices Black and Latino individuals face, and fighting the lack of fairness in the financial system towards these communities, and helping underserved people in the Latino and Black community keep money within their communities. For example, they want to provide the capital people of color need to build their own businesses and reduce the financial wealth gap in the U.S.
Greenwood is black-founded by three individuals inspired by the early 1900’s Greenwood District of Tulsa, a prosperous neighborhood known as the Black Wall Street before the 1921 Tulsa race massacre. The founders are very much active in bringing back wealth equality to underserved communities, like the Black and Latinx communities:
- Co-Founder and Board Member Amb. Andre Young is an activist, the Atlanta Mayor and U.S. Congressman, groundbreaking ambassador, social entrepreneur, and adviser to President Ambassador Young. He was involved in the Civil Rights Act of 1964 and the Voting Rights Act of 1965. Today he supports sustainable economic development, expands educational opportunities, and alleviates hunger and poverty worldwide.
- Co-founder Michael “Killer Mike” Render is an activist, rapper, businessman, actor, and songwriter. He founded Grind Time Official Records and started the #BankBlack movement to encourage African American families, businesses, and allies to bank with Black-owned banks.
- Founder and Chairman Ryan Glover has spent more than 20 years developing products for the African American community. He started Bounce TV, the first African American nationwide broadcast network, back in 2011 and founded Noontime Records, a label responsible for more than a dozen Billboard No.1 hits.
Greenwood: A Digital Banking Experience for Black and Latino Customers
According to Greenwood’s website, as of today, $1 stays in the Black and Latino community for only 6 hours. To actively practice ethical banking and build Black wealth, which includes recirculating wealth, Greenwood focuses efforts in giving back to the communities in four different ways through their give-back program:
- When you create a bank account, they will provide five meals to a family in need using Goodr.
- Every month they will give a $10,000 gift to a Black or Latino business.
- Every time you use your debit card to make a purchase, they will round up to the nearest dollar amount and give your spare change to support HBCUs through the UNCF, The King Center, reinforce our commitment to civil rights with NAACP, or fight hunger with Goodr, depending on what you choose to support.
- They sponsor the Greenwood Cultural Center.
Greenwood Banking Products and Services
Greenwood’s goal is to offer full-service online banking services through their digital banking platform, the same services you would get from a traditional bank.
With this aim, Greenwood offers spending and savings accounts that are FDIC-insured since your deposits are held and managed by a minority-owned partner bank, a member of the FDIC.
Through the digital spending and savings account, you can use Apple and Android Pay to make purchases through a digital wallet using virtual debit cards linked to your bank account, make transfers, use mobile check deposits, access a global network of ATMs, and get paid up to two days early when you set up a direct debit.
The bank accounts opened through Greenwood don’t have any hidden fees, like monthly maintenance fees or overdraft fees, and there is no minimum deposit to open a bank account.
But what makes them different is their commitment to allow Black and Latino customers to pay it forward back into their communities. When you open an account through Greenwood, you will be contributing to this mission in three different ways: give you three ways:
- Feeding a family in need: You will provide five free meals to a family through Goodr when your Greenwood account is opened.
- Donating to Non-profits: Round up your Greenwood debit card purchases to the nearest dollar and donate the spare change to the non-profit of your choice: The King Center, United Negro College Fund (UNCF), or the National Association for the Advancement of Colored People (NAACP)
- Contributing to small business grants: They will give $10,000 every month to a Black or Latino business.
How To Join
To get access to the Greenwood banking platform for Latino and Black customers, you can currently join a wait list. Visit their website, provide your email address to get the process started to open your bank account after the launch. It is worth noting that you must be a U.S. resident living in the U.S. to open an account.