Greenwood, the digital banking platform launched last year by co-founders rapper Killer Mike and television executive Ryan Glover, has secured some of the biggest names in finance to advance their Black wealth agenda.
The burgeoning startup, named for the early 20th-century African American business district in Tulsa, Oklahoma, commonly known as “Black Wall Street,” has raised approximately $40 million in funding since its website launched in October, according to a joint announcement on CNN.
“The challenge of the racial wealth gap can only be effectively addressed by a coalition focused on the mission of financial equity. Greenwood’s Series A funding round is a major step towards economic empowerment to Latino and Black individuals, families, and businesses by assembling multiple parties in finance and financial services to act in concert,” stated the Atlanta rapper.
Greenwood was expected to launch in January but was forced to delay because of excessive demand after more than 500,000 people signed up for an account prior to the launch. Truist Bank, Bank of America, and JPMorgan Chase are among a growing list of major financial institutions invested in the company.
Glover also told CNN that the timing for Greenwood, which he’s been working on since 2018, couldn’t have been more perfect following the cultural movement to support Black-owned businesses that began in the wake of the George Floyd killing last year.
“Now we have closer to 600,000 folks that have joined our waitlist,” he added. “That’s just truly a testament to the need in the Black and Latinx communities for financial empowerment.”
Actor Jesse Williams and New Orleans Saints running back Alvin Kamara have also joined Greenwood’s investment team.
Glover also confirmed to CNN that Greenwood is on track to launch its online debit and spending account services in July. The company plans to roll out its lending and credit account services by the end of this year as well and will unveil its investment product offerings some time in 2022.