- A majority Black and Latin-American owned and operated digital bank already has “tens of thousands” of people on its waiting list ahead of its January opening, CNN Business reported.
- The new bank, founded by Bounce TV founder Ryan Glover, rapper “Killer Mike,” and former Atlanta Mayor and US Ambassador to the UN Andrew Young, aims to support Black and Latin-American communities, Black-owned businesses, and Black entrepreneurs.
- Over the past few months, companies including Square and Netflix have announced support initiatives for Black-owned financial institutions to address racial inequality.
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A majority Black and Latin-American owned and operated online bank set to open in January already has “tens of thousands” on the waiting list seeking an account, CNN Business reported.
Greenwood is a digital bank that was founded by Bounce TV founder Ryan Glover, rapper “Killer Mike,” and former Atlanta Mayor and US Ambassador to the UN Andrew Young that was “inspired by the early 1900’s Greenwood District, where recirculation of Black wealth occurred all day, every day, and where Black businesses thrived,” according to its website.
Its mission statement describes how the platform is aiming to supplement “the current financial system, [which] has failed Black and Latinx communities.”
Glover told CNN Business that although Greenwood has been in the works since early last year, the killing of George Floyd that sparked nationwide movements against systemic racism also increased interest in the company.
Gallery: The top 10 metro areas where Black and Latinx founders are securing the most funding to build their companies (Business Insider)