Greenwood has made more strides toward becoming the biggest digital banking platform for Black and Latinx individuals and business owners.
On March 25, the platform announced it has closed a $40 million Series A funding round. The round included participation from six of the seven largest banks in the U.S. along with Bank of America, PNC, Mastercard, Truist, Wells Fargo, and Visa, reports PR Newswire.
The group is joined by Popular, the largest Hispanic-owned bank in the U.S.; venture capital firms TTV Capital, the SoftBank Group Corp’s SB Opportunity Fund, Lightspeed Venture Partners, and FIS, a leading provider of technology solutions for banks, capital markets firms, and merchants globally.
Other groups include sports and entertainment names like Quality Ventures, the private equity arm of the sports media corporation, Quality Control, and All-Pro NFL running back Alvin Kamara.
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“The net worth of a typical white family is nearly ten times greater than that of a Black family and eight times greater than that of a Latino family. This wealth gap is a curable injustice that requires collaboration,” said Ryan Glover, Chairman and Co-founder of Greenwood in a news release. “I am elated that many of the world’s top fintech companies have invested in Greenwood and join us in this mission. The backing of six of the top seven banks and the two largest payment technology companies is a testament to the contemporary influence of the Black and Latino community. We now are even better positioned to deliver the world-class services our customers deserve.”
In its commitment to advancing the economic empowerment of minority and underserved communities and racial equity in financial services, Truist Ventures led the company’s $40 million capital raise.
“Truist Ventures is helping to inspire and build better lives and communities by leading the Series A funding round for Greenwood’s innovative approach to building greater trust in banking within Black and Latino communities,” said Truist Chief Digital and Client Experience Officer Dontá L. Wilson who oversees Truist Ventures in the release. “In addition to the opportunity to work with and learn from this distinguished group of founders, our investment in Greenwood is reflective of our purpose and commitment to advancing the economic empowerment of minority and underserved communities.”
The banking service will feature best-in-class online banking services, innovative ways to support Black-owned and Latinx banks, and give-back programs focused on Black and Latinx causes and businesses.