Fintech Startup Greenwood Raises $40 Million in Funding to Provide Black and Latino Banking Services

ATLANTA, March 25, 2021 /PRNewswire/ — Greenwood, the digital banking platform for Black and Latino persons and business homeowners, now declared it has shut $40 million of Sequence A funding from 6 of the seven premier U.S. banks and the top two payment technology companies: Truist, Lender of The united states, PNC, JPMorgan Chase, Wells Fargo, Mastercard, and Visa. The group is joined by FIS, a foremost company of engineering options for merchants, banking institutions and capital marketplaces companies globally, and Well known, the largest Hispanic-owned lender in the U.S. enterprise cash companies TTV Money, the SoftBank Team Corp’s SB Possibility Fund and Lightspeed Undertaking Companions (Scout Fund) athletics and leisure names which include Good quality Ventures, the personal fairness arm of sporting activities media conglomerate Good quality Regulate, and All-Professional NFL running again Alvin Kamara. Greenwood will keep on to make a neighborhood centered on monetary empowerment and deliver a selection of economic products and products and services.

“The net worthy of of a common white spouse and children is almost ten times larger than that of a Black family members and eight instances greater than that of a Latino household. This prosperity hole is a curable injustice that necessitates collaboration,” said Ryan Glover, Chairman and Co-founder of Greenwood. “I am elated that many of the world’s leading fintech companies have invested in Greenwood and be a part of us in this mission. The backing of six of the top 7 banking institutions and the two most significant payment technology providers is a testament to the modern affect of the Black and Latino local community. We now are even better positioned to produce the entire world-class expert services our prospects should have.”

The company’s $40 million funds elevate is led by Truist Ventures, the company venture funds division of Truist Financial Company (NYSE: TFC). The investor team is dedicated to advancing financial empowerment of minority and underserved communities and racial equity in economical products and services. A video showcasing the investors in this funding spherical can be seen at www.bankgreenwood.com/bankingtheculture.

Greenwood will feature most effective-in-course on the internet banking solutions, revolutionary techniques to assist Latino and Black-owned banking companies and give-back systems centered on Black and Latino will cause and enterprises. “We believe it is critical that our steps live up to the guarantee of our name,” stated Glover, referring to Tulsa, Oklahoma’s Greenwood District of the early 20th Century, which bundled the prosperous “Black Wall Street”.

“Truist Ventures is encouraging to inspire and establish better lives and communities by foremost the Sequence A funding spherical for Greenwood’s ground breaking approach to making increased trust in banking in just Black and Latino communities,” mentioned Truist Chief Digital and Consumer Working experience Officer Dontá L. Wilson who oversees Truist Ventures. “In addition to the opportunity to work with and discover from this distinguished group of founders, our financial commitment in Greenwood is reflective of our objective and commitment to advancing financial empowerment of minority and underserved communities.”

“Greenwood is the ideal idea at the right time,” reported Shu Nyatta, Taking care of Lover of SoftBank’s Prospect Fund. “Galvanizing a broad coalition of shoppers and corporations to close the racial equity gap is very intently aligned with our mission at the Opportunity Fund. We are enthusiastic supporters of what Greenwood is attempting to execute.”

Greenwood was announced in October 2020 and presently has signed up additional than 500,000 neighborhood members.

To discover far more and be part of the Greenwood local community and merchandise waitlist, check out www.bankgreenwood.com.

About Greenwood

Greenwood is a modern day digital banking services system for Black and Latino individuals and businesses. Greenwood is partnering with FDIC-insured banks to give clients the capability to shell out and conserve securely by use of finest-in-class banking solutions and progressive methods to guidance Black and Latino brings about and companies. Highly developed account characteristics involve Apple, Samsung, and Android Shell out, virtual debit cards, peer-to-peer transfers, cellular check deposits, and surcharge price-totally free ATM usage in more than 40,000 world areas. Moreover, Greenwood designs to spouse with and strengthen traditionally Black banks by delivering accessibility to deposits and lending demand. Greenwood was launched by Civil Legal rights chief Andrew J. Younger rapper and activist Michael “Killer Mike” Render and Ryan Glover, founder of the Bounce Tv set Network. The Greenwood District of Tulsa, Oklahoma, which included the “Black Wall Street” of the early 20th Century, is an enduring symbol of the economic potential of neighborhood solidarity and empowerment.

About Truist Ventures

Truist Ventures is the corporate enterprise funds division of Truist Financial Corporation (NYSE: TFC), a purpose-pushed monetary services company dedicated to inspire and build far better lives and communities. Headquartered in Charlotte, North Carolina, Truist Ventures provides unparalleled touch and engineering to Truist shoppers by means of partnerships with, and investments in, progressive businesses and extraordinary management teams with novel answers to enable Truist form the long run of finance. Truist Ventures’ expenditure emphasis includes Financial Know-how, Payments & Income Movement, and Regtech and stretches into other adjacent, disruptive technologies that enable Truist to supply a human touch in new approaches. Leveraging Truist’s substantial community of government-degree talent and field industry experts in engineering, investment decision banking, cash markets and innovation, the Truist Ventures group allows portfolio corporations satisfy expansion opportunities by means of unparalleled entry to remarkable assistance. Learn extra at Truistventures.com. Davis Polk & Wardwell LLP served as authorized counsel to Truist Ventures as lead investor.

Media Contacts

Greenwood: media@bankgreenwood.com

Truist Ventures: sheryl.touchton@truist.com

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