Greenwood, a U.S. digital banking platform, announced on Thursday it saw 100,000 sign-ups during the first week of its launch. Founded earlier this year, Greenwood describes itself as a mobile banking platform for Black and Latinx people and business owners. The startup claims to feature the “best-in-class” digital banking services and innovative ways of giving back to the community. Its founders include civil rights legend Andrew J. Young, former U.S. Ambassador to the United Nations and former Mayor of Atlanta; Michael ‘Killer Mike’ Render, rapper, businessman, and activist in Black financial empowerment; and Ryan Glover, Greenwood Chairman and founder of Bounce TV network.
While sharing more details about the platform, Glover stated:
“This incredible reception highlights the need for a new financial services platform that understands the Black and Latinx community, a platform built by us and for us, a platform that helps us build a stronger future for our communities. Greenwood clearly is an idea whose time has come — modern banking for the culture.”
Greenwood also noted that its initial products are savings and spending accounts that come with a stunningly designed black metal debit card for customers who sign up by the end of the year.
“Advanced features like Apple, Samsung, and Google Pay, virtual debit cards, peer-to-peer transfers, mobile check deposits, and free ATM usage in over 30,000 locations will be offered with no hidden fees. Customers who invite their friends to open accounts receive cash awards as a thank you from Greenwood.”
Greenwood is not a member of the Federal Deposit Insurance Corporation. Banking services will be provided by FDIC-member banks. Deposits will be FDIC-insured by a partner bank. Greenwood added it plans to work with brick-and-mortar minority-owned banks to provide products and services that will help strengthen historically Black banks.