Major Financial Institutions Invest in Greenwood, a Digital Banking Platform for Black and Latino Individuals and Businesses

Strategic Insights -

Greenwood, the digital banking platform, has announced the closure of $40 million in Series A funding from six of the top seven banks in the US, including Truist, Bank of America, PNC, JPMorgan Chase, Wells Fargo, and Mastercard, as well as Visa and SoftBank. This investment is part of Greenwood's mission to deliver financial empowerment to the Black and Latino communities. The company plans to use the funds to build a community focused on financial empowerment and deliver a range of financial products and services.

Key Takeaways:

  • Greenwood has secured $40 million in Series A funding from top financial institutions, including six of the top seven banks in the US.
  • The company plans to use the funds to build a community focused on financial empowerment and deliver a range of financial products and services.
  • Greenwood aims to partner with FDIC-insured banks to give customers the ability to spend and save securely through best-in-class banking services.
  • The company plans to strengthen historically Black banks by providing access to deposits and lending demand.
  • Greenwood has already signed up over 500,000 community members and has plans to continue growing its user base.
  • The investment in Greenwood is a testament to the company's innovative approach to building trust in banking within Black and Latino communities.

Statistics:

  • $40 million in Series A funding secured by Greenwood
  • 500,000 community members signed up by Greenwood
  • 6 of the top 7 banks in the US have invested in Greenwood
  • 2 of the largest payment technology companies, Mastercard and Visa, have invested in Greenwood
  • SoftBank's Opportunity Fund has also invested in Greenwood
  • Greenwood plans to partner with over 40,000 global ATMs to provide fee-free usage to its customers

Sources:

  • PR Newswire: Greenwood Announces $40 Million in Series A Funding from Top US Banks and Payment Tech Companies
  • Greenwood: About Us
  • Truist Ventures: About Us
  • SoftBank Group Corp: SB Opportunity Fund
  • Reuters: Greenwood, a digital banking platform for minorities, raises $40 million in funding
  • Bloomberg: Greenwood Banks Raises $40 Million in Funding from SoftBank, Mastercard