Greenwood Bank, the digital banking platform targeting black and Latino users, recently announced the hire of Dylani Herath, as Vice President of Engineering.
The news comes as the the digital banking platform once again pushed back its launch date.
What is Greenwood Bank?
Greenwood is an online bank that allows customers to control their money via app or website. The bank, which is geared toward black and Latinx customers, describes itself as “modern banking for the culture.”
For those that don’t know, the name “Greenwood” is derived from the historic free district in Tulsa, Oklahoma known for its thriving businesses owned by black Americans. The area was so prosperous it became known as “Black Wall Street.”
Greenwood was destroyed in a 1921 race massacre spurred by false reports in the newspaper.
When Will Greenback Bank Launch?
Greenwood Bank was supposed to launch in early 2021, but the new company has experienced some growing pains. With Herath responsible for scaling the banking platform, Greenwood aims to have accounts ready for those who have signed up in late 2021.
Greenwood Bank is expecting to be ready for general public’s access in early 2022.
Herath will be over key component’s of the bank’s operations, including the platform’s security, growth, and product pipeline. She will also be responsible for bringing Greenwood’s online banking services to market.
The bank also announced that it has raised another $40 million in Series A funding from six of the seven largest banks in the United States. Those banking institutions include:
- Truist
- Bank of America
- PNC
- JPMorgan Chase
- Wells Fargo
- Mastercard
- Visa
Greenwood Bank Raises $40 Million As Big U.S. Banks Seek Role
The group of entrepreneurs that has launched Greenwood describe it as a new banking initiative targeting the underbanked, especially African-Americans and people of color. This article is going to tell you everything you need to know about Greenwood and its website BankGreenwood.com.
While many of the details have yet to be disclosed or worked out, what has been announced by Greenwood is enough to raise particular interest among the disenfranchised.
America’s poor neighborhoods and impoverished cities are among the most under- and un-banked across the country. So, a startup like Greenwood, which specifically targets them, is an idea long in the making.
Greenwood Bank is riding a lot of momentum. It recently announced MasterCard debit cards. Let’s look at some of the things we know about Greenwood Bank and what it will offer.
What Will Greenwood Bank Offer?
Like other online banks, you can expect Greenwood Bank to offer contact-free financial amenities such as:
- Checking accounts
- Savings accounts
- Mobile deposits
- Bank Transfers
- Paycheck Advances
Greenwood Bank will also offer digital payment methods through Apple and Google Pay services. Customers will also be able to withdraw and deposit cash at a network of ATMs around the country.
“We plan on creating, between the summer of this year and the end of 2022, a whole suite of financial services, utilizing all of our partners to provide a robust mosaic of banking services for our community — a one-stop shop, if you will,” co-founder Ryan Glover told BankingDrive.com.
Who Are The Founders Of Greenwood Bank?
The proprietors behind Greenwood Bank include a who’s who of prominent entrepreneurs in Atlanta and other areas. They include:
Andrew Young: Greenwood Co-Founder and Board Member
Andrew Young is a popular elder statesman of the civil rights movement who has a long history of fighting for equality. Young is a former mayor of Atlanta as well as U.S. Ambassador.
Michael ‘Killer Mike’ Render: Greenwood Co-Founder
Rapper and businessman Killer Mike has become a major proponent of economic empowerment in the black community. Along his accomplishments include his efforts to talk up land ownership, homeownership, a thriving barbershop business and revival of Atlanta’s storied Bankhead Seafood.
Ryan Glover: Greenwood Founder and Chairman
Ryan Glover, the founder of Bounce TV, is also a Greenwood founder. The Atlanta TV executive created the nation’s first majority black-owned streaming service and has a strong background in media and tech.
What Is The Greenwood Give Back Program?
Greenwood Bank has also launched the Greenwood Give Back program, which provides:
- five meals to a needy family when you open an account.
- Every month a $10,000 gift to a Black or Latinx business
- Support for HBCUs, the NAACP or anti-hunger initiative with Goodr by rounding up loose change from all in-store or online purchases you make with Greenwood Bank.
Final Words
While it’s clear that Greenwood Bank won’t have physical branches when it launches, the goal of the proprietors is to eventually have at least some brick-and-mortar locations. But that remains to be seen.
Saving money has historically been a pain point for lower-income Americans and specifically, people of color. Here are three easy ways to make your finances work.
- Avoid Bank Fees: Lower-income customers pay the highest fees. Here’s how to avoid them.
- Put Down the Debit Card: Identity thieves disproportionately target debit cards. Here’s why credit cards are better for you.
- Lower Your Phone Bill: You’re likely paying too much for your data plan. Here’s how to cut it in half.
With so many initial signups, they may decide that Greenwood Bank may be best operated as a digital bank.
If you’re interested in saving money or making money, here are some other options to consider.
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