Greenwood, a US provider of a digital banking platform for the Black and Latino communities, has scored $45m in funding.
The round was led by Pendulum, with participation from Cercano Management, Cohen Circle, The George Kaiser Family Foundation, NextEra Energy, Bank of America, Citi Ventures, PNC, Popular, Truist Ventures, TTV Capital, and Wells Fargo.
Founded in 2020, Greenwood is a mobile banking platform for Black and Latino people and business owners. Greenwood features best-in-class digital banking services and innovative ways of giving back to the community.
According to the firm, such communities suffer from a lack of wealth, money circulation in the Black community, and generational transfer.
That is why Greenwood was created. 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.
Greenwood’s flagship product is a digital banking service provided by partnering with FDIC-insured banks. It also offers The Gathering Spot, a private membership network, and Valence, a career development and job recruiting platform.
The company also launched Elevate, which is a new membership to provide an all-access pass which provides access to The Gathering Spot’s private membership network with physical clubhouses in Atlanta, Washington D.C., and Los Angeles, and to Valence’s professional networking platform and access to tens of thousands of job listings through the recruiting database.
Greenwood intends to use the funds to expand operations and its business reach, as well as to extend its product offerings.
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