Digital Banking Platform Greenwood Secures $40 Million By way of Sequence A Funding Spherical

Greenwood, a U.S. fintech that has created a digital banking platform particularly for Black and Latino people and enterprise house owners, introduced on Thursday it secured $40 million via its Sequence A funding spherical, which was led by Truist Ventures.

Based in 2020, Greenwood states it supplies cell banking companies for Black and Latino enterprise house owners.

“It’s no secret the present monetary system has failed at retaining wealth within the Black and Latino group. Our communities endure from a scarcity of wealth, cash circulation within the Black group, and generational switch. That’s the reason we created a brand new Black owned monetary establishment. A cell banking platform impressed by the early 1900’s Greenwood District, the place recirculation of Black wealth occurred all day, day by day, and the place Black companies thrived. Immediately’s Greenwood is a Black owned banking system developed by us, for us. That is our time.”

Greenwood reported it was introduced in October 2020 and already has signed up greater than 500,000 group members. Truist, Financial institution of America, PNC, JPMorgan Chase, Wells Fargo, Mastercard, and Visa participated within the Sequence A. Ryan Glover, Chairman and Co-founder of Greenwood, spoke in regards to the funding spherical by stating:

 “I’m elated that lots of the world’s high fintech corporations have invested in Greenwood and be part of us on this mission. The backing of six of the highest seven banks and the 2 largest cost know-how corporations is a testomony to the up to date affect of the Black and Latino group. We now are even higher positioned to ship the world-class companies our clients deserve.”

Funds from the Sequence A spherical shall be used to proceed the event of the Greenwood platform.