The Mobile Banking App Helping Black Communities Build Generational Wealth
Greenwood, a mobile banking platform described as doing it for the culture, seeks to support the Black and brown community in their endeavors to generational wealth.
Co-founded by former Atlanta Mayor Andrew Young, rapper-activist Michael “Killer Mike” Render, and Bounce TV founder Ryan Glover, Greenwood is not a bank itself; instead, it features banking services provided by Coastal Community Bank and will eventually provide financial management services.
It reinvests in Black and Latino communities through monthly grants and recently launched a podcast group that specializes in financial literacy and investment content.
Who are its founders?
Ryan Glover
Ryan Glover has more than 20 years of experience delivering products focused on the African American community. In 2011, he started Bounce TV, the first African American nationwide broadcast network. He also founded Noontime Records, a label responsible for more than a dozen Billboards.
AMB. Andrew Young, Co-founder
As an activist, Atlanta Mayor and US Congressman, groundbreaking ambassador, social entrepreneur, and adviser to presidents Ambassador Young helped negotiate the passage of the Civil Rights Act of 1964 and the Voting Rights Act of 1965. Today he supports sustainable economic development, expands educational opportunities, and alleviates hunger and poverty throughout the world.
Michael “Killer Mike” Render, Co-founder
Activist, rapper, businessman, actor and songwriter, Michael Render, also known as Killer Mike, founded Grind Time Official Records and started the #BankBlack movement that encourages African American families, businesses, and allies to utilize Black-owned banks.
Milestones
Greenwood announced earlier this year that it had selected Mastercard as its network of choice for its first debit card. The Greenwood matte black debit Mastercard will provide cardholders “a digital-centric user experience, an extensive list of security and concierge benefits, and innovative giveback programs focused on supporting Black and Latino causes and businesses. “
In addition to the card partnership, Greenwood and Mastercard said they would bring unique financial education tools to the market, including a daily podcast this year.
The podcast will provide engaging and educational content about banking, financial planning, home ownership, capital for small businesses, and wealth creation.
The vision?
Greenwood will allow customers the ability to round up their spending to the nearest dollar and donate the change to key charity partners such as The King Center for Social Justice, NAACP, and UNCF among others.
Additionally, Greenwood plans to partner with and strengthen historically Black banks by providing access to deposits and lending demand
