Greenwood, a platform specifically catering to the Black and Latino communities, has officially launched its new offering of Greenwood Invest.
This state-of-the-art stock investing and trading app empowers customers to invest in stocks and exchange-traded funds (ETFs).
The launch of Greenwood Invest marks a major step in the company’s commitment to close the racial wealth gap and offer more wealth-building opportunities to communities that have historically been overlooked. Greenwood Invest aims to democratize wealth creation, offering accessible investment opportunities along with real-time educational resources and customer support. Greenwood, already renowned as the largest Black-owned neobank in the sector, bolsters its status as a leading entity in wealth and professional advancement within the Black and Latino communities through this launch.
Reports highlight a significant wealth disparity in the U.S., with Black households holding a mere 4% of total household wealth in 2020. Additionally, stock and ETF ownership amongst Black and Hispanic households is significantly lower compared to white households. Greenwood Invest addresses these disparities by fostering trust in the stock market and financial institutions, thus encouraging investment and wealth accumulation within the Black community.
“Greenwood Invest is the embodiment of our deep-seated vision for Black and Latino financial empowerment,” Greenwood CEO and Co-founder Ryan Glover said. “With access to over 5,000 stocks and ETFs, this platform serves as a pivotal step towards realizing Greenwood’s goal: a future where Black and Latino families are not just financial spectators but dominant players in their own wealth creation. Our community was integral to the formation of this country. With Greenwood Invest we’re creating a pathway for Black and Latino families to finally own a piece of the American pie.”
Expanding on its existing financial services, Greenwood Invest is a groundbreaking product from the firm that facilitates net new wealth generation. It allows users to diversify their portfolio and invest easily, without needing an additional app. At launch, Greenwood Invest offers a wide range of publicly traded stocks, including several Black-owned businesses.
Key features of Greenwood Invest include no hidden fees or commissions, the ability to invest with fractional shares, comprehensive educational resources, and a focus on Black-owned/led businesses. Additionally, investments are safeguarded with SIPC insurance up to $500,000, fostering trust and security among users.
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