Greenwood is a mobile banking platform designed specifically for Black and Latinx individuals and business owners, offering services such as high-yield savings accounts and a debit card with no hidden fees. The platform addresses the lack of wealth circulation and access to financial resources in these communities by facilitating direct support for Black-owned businesses and providing educational content on personal finance.
Funding
$89M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Black and Latinx individuals and business owners often face limited access to financial resources and wealth-building opportunities, hindering economic progress within these communities. Traditional financial institutions may not adequately address the specific needs and challenges of these demographics, leading to disparities in financial inclusion and wealth accumulation.
Solution
Greenwood provides a mobile banking platform designed to serve the financial needs of Black and Latinx individuals and businesses, offering tools to build wealth and support their communities. The platform includes features such as spending and high-yield savings accounts, early access to paychecks, and investment opportunities in publicly traded companies and ETFs. Greenwood also facilitates community support through cashback programs at Black-owned businesses and donation round-ups for charitable organizations. By providing accessible financial services and promoting wealth recirculation, Greenwood aims to empower its users and foster economic growth within underserved communities.
Target Audience
The primary target audience includes Black and Latinx individuals and business owners seeking accessible and culturally relevant financial services to manage their money, build wealth, and support their communities.
Features
- Mobile spending account with a Greenwood Mastercard debit card
- High-yield savings account with a competitive APY
- Early access to direct deposits, up to two days early
- Investment platform with options to invest in stocks, ETFs, and Black-owned companies with as little as $1 and no commission fees
- Cashback rewards for purchases at participating Black-owned businesses
- Round-up program to donate spare change to community organizations
- Fee-free ATM withdrawals at participating ATM locations
- Mobile check deposit with 24/7 availability
- Peer-to-peer transfers for easy money sharing
- Integration with Apple Pay and Google Pay for contactless payments