Greenwood Financial, a new challenger bank aimed at serving Black and Latinx communities, has amassed 500,000 signups in the first 100 days since opening its waitlist in October 2020, said Ryan Glover, an Atlanta-based entrepreneur and founder of Bounce TV. Glover founded the digital bank alongside civil rights leader Andrew Young and rapper and activist Michael "Killer Mike" Render. The venture, which raised $3 million in seed funding from private investors in October 2020, will launch with spending and savings accounts. Other features will include virtual debit cards, peer-to-peer transfers, mobile check deposits and free ATM usage in more than 30,000 locations. Glover said Greenwood plans to add lending in the fourth quarter of 2021, with credit and investing products expected to launch the next year. The digital bank's name pays homage to the Tulsa, Oklahoma, district of Greenwood, which was known as "Black Wall Street" in the 1920s.
| Types | Organization, Business |