Greenwood Invest: Empowering Black And Latino Wealth With A Stock And Trading App
Greenwood, the digital banking platform for Black and Latino individuals, has launched their new app, Greenwood Invest.
Greenwood is a financial technology company used through a mobile platform inspired by the early 1900s Greenwood District, where the recirculation of Black wealth occurred all day.
According to recent reports, Black households held just 4% of total household wealth in the US in 2020 despite making up over 13% of the population.
Additionally, only 33% of Black households and 24% of Hispanic households owned stocks or exchange-traded funds (ETFs) compared to 61% of white households.
Greenwood, founded by Ryan Glover, civil rights leader Andrew Young, and rapper and activist Michael “Killer Mike” Render, aims to change these issues.
Greenwood Invest
Greenwood Invest is a new stock and exchange-traded funds (ETF) trading and investing app explicitly crafted to empower Black and Latino communities’ financial future.
It aims to be a trusted financial service partner within the community, seeking to remedy the ongoing issues and to make it possible for every Black and Latino consumer to access the stock market.
Greenwood Invest “is the first product that we’ll release that truly helps our community build wealth,” said Glover, according to Banking Dive.
“Investing in America has proved so successful for others outside of our community to build wealth. I felt that it was important for us in our community to use that measure to currently build wealth within our own community.”
The app has allowed users to invest as little as $1 with zero commission fees, allowing them to buy fractional shares for as little as $1.
The firm is partnering with fractional investing fintech DriveWealth to enable Greenwood customers to trade the New York Stock Exchange and Nasdaq stocks.
“With access to over 5,000 stocks and ETFs, the 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,” said Glover.
At the time of launch, Greenwood also started the “We Invest Too” campaign to create one million new investors in the community.
As an incentive to users investing for the first time, Greenwood will provide $10 for all users, which can be put towards stocks and EFTs available on the Greenwood Invest platform.
