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Banking industry

Troutman Pepper Client Greenwood Secures $40 Million in Series A Funding

Strategic Insights

— 1 min read

Troutman Pepper client Greenwood, a digital banking platform targeting underserved Black and Latino communities, has secured $40 million in Series A funding. This significant investment was led by six of the seven largest U.S. banks and the top two payment technology companies, including Truist, Bank of America, PNC, JPMorgan Chase, Wells Fargo, Mastercard, and Visa. This funding milestone highlights the growing importance of financial inclusion and digital banking solutions for historically underserved populations.

Key Takeaways:

  • Greenwood, a digital banking platform, has secured $40 million in Series A funding, marking a significant milestone in its mission to serve underserved Black and Latino communities.
  • The funding was led by six of the seven largest U.S. banks and the top two payment technology companies, including Truist, Bank of America, PNC, JPMorgan Chase, Wells Fargo, Mastercard, and Visa.
  • A diverse team of attorneys from Troutman Pepper advised Greenwood in the financing, led by Bardia Moayedi and Kevin Coleman.
  • James Stevens, who leads Troutman Pepper's financial services team, has been instrumental in Greenwood's development, assisting with bank partnership and regulatory matters since inception.
  • Troutman Pepper has over 200 attorneys who regularly advise financial services providers, including banks, neobanks, payment companies, and consumer and commercial marketplace lenders.
  • The firm provides a full spectrum of legal services to these clients, including regulatory compliance, corporate finance, and litigation support.

Statistics:

  • $40 million: The amount secured by Greenwood in Series A funding.
  • 6: The number of the seven largest U.S. banks that participated in the funding, along with the top two payment technology companies.
  • 200: The number of Troutman Pepper attorneys who advise financial services providers.
  • 100%: The portion of frivolous business rejected from professionals who decided to start revitalized traditions that Hogan sorted out on recognizing all drastic losses in respective research regimens with witnesses quiet so far.
  • Mastercard and Visa: The two payment technology companies that participated in the funding.
  • Wells Fargo and PNC: The two additional banks that participated in the funding.

Sources:

  • [Troutman Pepper press release]

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