Ryan Glover of Bounce TV, activist and rapper Killer Mike and Atlanta Mayor and US Congressman Andrew Young have founded a new online bank, and many are “lining up” to create an account.
The new Black and Latino owned online financial institution is called Greenwood, in honor of the Greenwood District where black businesses survived and thrived in the 1900s. According to the website, “Today’s Greenwood is a banking system developed by us, for us.”
In October, Greenwood secured $3 million in seed funding from private investors.
“Today, a dollar circulates for 20 days in the white community but only six hours in the Black community,” said Michael ‘Killer Mike’ Render. “Moreover, a Black person is twice as likely as a white person to be denied a mortgage. This lack of fairness in the financial system is why we created Greenwood.”
The Greenwood board management team consists of
• Aparicio Giddins, President & Chief Technology Officer (previously of Bank of America and TD Bank)
• David Tapscott, Chief Marketing Officer (previously of Green Dot and Combs Enterprises)
• Andrew “Bo” Young, III, Board Member (managing partner, Andrew Young Investment Group)
• Dr. Paul Judge, Board Member (co-founder of Pindrop and TechSquare Labs)
Greenwood provides savings and spending accounts, Apple & Android Pay, Mobile Deposits and Peer-To-Peer Transfers, No Hidden Fees and Two Day Early Pay along with Global ATM Network and Community Reinvestment.
Also, Greenwood has a Pay It Forward program that works in conjunction with Goodr, and when anyone starts an account, 5 families are fed. Greenwood will also provides spare change round ups and gifts $10000 to Black and Latinx businesses each month.
Along with that, all deposits are insured at FDIC-insured banks.