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Banking platform for Black and Latino communities Greenwood raises $45m

Greenwood, the digital banking startup for Black and Latino people and business owners, has closed a $45 million funding round led by Pendulum, an investment firm designed for founders of colour.

Killer Mike, Ryan Glover launch Greenwood, a digital bank catering to Black and Latinx communities

Record numbers of interested bankers for Greenwood digital bank shows there is big business in meeting long-time, neglected banking needs of communities of color.For years, raptivist Killer Mike advocated for the support of Black-owned banks.

Now, he opened one with Bounce TV founder, Ryan Glover, and Ambassador Andrew Young, an iconic Civil Rights activist who is a former Atlanta mayor and US Congressperson. Including in Greenwood founders is Ambassador Young’s son, Bo Young. Launched recently, Killer Mike made his rounds on popular hip hop podcasts, African American radio shows and TV shows, promoting a digital bank designed to cater to Black and Latinx bankers. In less than a week, 100,000 enrolled to set up an account with Greenwood bank during its official opening in January 2021.

“This milestone proves that there is a large demand for modern financial services that uniquely address the needs of Black and Latinx communities,” said the Greenwood Team in a message to enlistees.

Killer Mike : Greenwood bank response

Using Killer Mikes own words, I have determined three things.
1. Killer Mike is not an owner/partner
2. Killer Mike has no knowledge or background in banking
2. Killer Mike is not moving his money over to the Greenwood Bank

This is problematic for me. When pitching to the black community, i ask that you come correct and come professional. Killer Mike and the Greenwood bank would never deliver the same pitch to white investors, yet they will report to us from a shoe closet and tell us to support their bank. Disrespectful to say the least.

#KillerMike #GreenwoodBank #JayMorrison

Killer Mike and the creation of Greenwood, a Black-owned digital bank

“60 in 6” on Quibi correspondent Wesley Lowery sat down with rapper and activist Killer Mike to talk about Greenwood, a Black-owned digital bank he helped co-found. The entire interview is available on Quibi. Lowery joined CBSN to discuss what led to the founding of the digital bank.

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Digital bank start-up Greenwood co-founder on serving Black, Latinx community

Digital bank start-up Greenwood wants to help close the racial wealth gap. It aims to provide financial services for Black and Latinx customers. Greenwood raised $40 million from some of the nation’s largest banks in its series A round, including Truist, Bank of America, PNC, JPMorgan Chase, Wells Fargo and Visa. Ryan Glover, Greenwood co-founder and chairman, joined “Squawk Box” on Thursday to discuss. For access to live and exclusive video from CNBC subscribe to CNBC PRO:

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