“In keeping with our original mission to close the racial wealth gap and address the exclusion Black and brown Americans have faced accessing tools for wealth creation, we’ve worked incredibly hard over the last few years to build a platform ready to take on the challenges that face our communities,” Ryan Glover, CEO and co-founder of Greenwood, said in a statement.
Greenwood offers several online banking services, including savings accounts and early paycheck deposits. Though it is not a bank, customer accounts are held by Community Coast Bank and insured by the Federal Deposit Insurance Corp. up to $250,000.
Since launching, Greenwood has morphed into a full portfolio of companies whose missions center around supporting the Black community. Last year Greenwood bought two Black-owned companies: the Atlanta-based networking hub and workspace The Gathering Spot, and Valence, an online career development platform.
In November, Greenwood secured a $45 million funding round led by Black-founded investment firm Pendulum. With that funding, the company is now valued at $325 million.
As of December, Greenwood had more than 100,000 customers, The Gathering Spot had more than 11,000 active members and Valence had over 25,000 members.
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