Greenwood, Inc. Acquires ‘The Gathering Spot’ Creating The Largest Combined Fintech And Community Platform for Minorities

Greenwood, the digital banking platform for Black and Latino individuals and business owners, has announced the acquisition of The Gathering Spot, a private membership network focused on the Black community.

Greenwood and The Gathering Spot (TGS) share the same mission of supporting financial freedom for minorities through community building, entrepreneurship, group economics, and wealth-building.

The combined company has a community of over 1 million people. Together, they will continue to deliver features including community building, personal finance content, and banking services.

TGS was launched in 2016. It offers spaces for professionals to work, meet and socialize. Sen. Raphael Warnock (D., Georgia) and entertainers Issa Rae and Ludacris have participated in TGS-affiliated conferences, performances and public events. It has also hosted events in New York, Chicago, Detroit, Houston and Charlotte, N.C. 

It already offers membership perks such as healthcare services and access to its on-site restaurant and bar. Under the Greenwood umbrella, it plans to offer more events featuring high-profile partners, including the hosts of the “Earn Your Leisure” personal-finance podcast, along with banking perks, including access to private golf clubs affiliated with Mastercard.

Along with the announcement of the acquisition, it was revealed that Ryan Wilson — Co-founder and CEO of The Gathering Spot — will hold the title of Chief Community Officer of Greenwood. Fellow co-founder and COO of the club, TK Petersen, will serve as Vice President at the digital banking platform.

Since its launch in 2020, Greenwood has twice postponed the full rollout of its banking services, in moves that executives attributed to higher-than-expected demand. It says it has 800,000 wait-listed customers, according to what the team told the WSJ.

“The Gathering Spot prides itself on building an intentional community, one where we can celebrate each member and connect them to the resources and networks they need to build on their successes,” said Wilson in a statement. “Joining with Greenwood is a commitment to our community, and we share Greenwood’s vision