Digital Banking Platform Greenwood Secures $40 Million Through Series A Funding Round

 

Greenwood, a U.S. fintech that has created a digital banking platform specifically for Black and Latino individuals and business owners, announced on Thursday it secured $40 million through its Series A funding round, which was led by Truist Ventures.

Founded in 2020, Greenwood states it provides mobile banking services for Black and Latino business owners.

It’s no secret the current financial system has failed at keeping wealth in the Black and Latino community. Our communities suffer from a lack of wealth, money circulation in the Black community, and generational transfer. That is why we created a new Black owned financial institution. A mobile banking platform inspired by the early 1900’s Greenwood District, where recirculation of Black wealth occurred all day, every day, and where Black businesses thrived. Today’s Greenwood is a Black owned banking system developed by us, for us. This is our time.”

Greenwood reported it was announced in October 2020 and already has signed up more than 500,000 community members. Truist, Bank of America, PNC, JPMorgan Chase, Wells Fargo, Mastercard, and Visa participated in the Series A. Ryan Glover, Chairman and Co-founder of Greenwood, spoke about the investment round by stating:

 “I am elated that many of the world’s top fintech companies have invested in Greenwood and join us in this mission. The backing of six of the top seven banks and the two largest payment technology companies is a testament to the contemporary influence of the Black and Latino community. We now are even better positioned to deliver the world-class services our customers deserve.”

Funds from the Series A round will be used to continue the development of the Greenwood platform.

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