The global neobanking market is expected to reach an estimated $723 billion by 2028, according to Grand View Research. As more people handle their finances online, the neobanking industry has been getting a lot of love, but what are neobanks anyway? Neobanks are digital-only financial institutions that operate similarly to traditional banks, but without physical branches, The Balance explains. You typically access neobanks through mobile applications and online platforms. While neobanking can be convenient, have lower costs and are more easily accessible, they don’t have the same accreditation as traditional banks and are regulated much less. Above all, neobanking requires access to technology and internet, a luxury that not everyone has. Another thing to think about with neobanking is that even with access to technology and internet, consumers have to be comfortable and trust tech in order to invest in using online-only banking systems. Some neobanks like N26, Atom Bank and Monzo...

Actor and community activist Jesse Williams has become the latest investor to join Greenwood’s financial empowerment efforts. Greenwood — the new digital banking platform for Black and Latinx entrepreneurs and small businesses — recently launched to help repair the hole in Atlanta’s finance market with the help of rapper Killer Mike, former Atlanta Mayor Andrew Young, and Bounce TV founder Ryan Glover. Williams has now signed on to help the digital bank carry out its mission to strengthen the economy for communities of color. “I’m excited to join the Greenwood team and work to advance economic prosperity for people of color,” he said in a statement . “The time has come for Black and Latinx communities in America to strengthen our economic condition and influence. By increasing access to essential banking services and financial education, Greenwood is a key part of that movement.”   View this post on Instagram   A post shared by Greenwood (@bankgreenwood) Williams is most known for...