Greenwood, a digital banking platform focused on serving Black and Latinx communities, has acquired Kinly, a mobile banking platform, in a move that brings together two of the largest Black-owned FinTechs. The terms of the deal were not disclosed.
Kinly, founded in 2020, provides a mobile banking app that offers a suite of financial services, including mobile check deposit, peer-to-peer payments, and budgeting tools. The platform targets underserved communities and aims to provide an accessible, low-cost banking solution.
With the acquisition, Greenwood aims to expand its product offerings and reach a wider audience.
According to Ryan Glover, founder and CEO of Greenwood, “We are excited to welcome Kinly into the Greenwood family. This acquisition represents a significant step forward in our mission to empower Black and Latinx communities by providing them with access to affordable financial services and opportunities for wealth-building.”
Greenwood, which launched in October 2020, has already gained significant traction, with over 500,000 sign-ups to its waiting list. The company has raised $20m in funding to date, with investors including SoftBank, JPMorgan Chase, and Truist Ventures.
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