Digital bank tops 100,000 sign-ups in its first week
Strong demand for minority banking solution makes for a successful launch
PR Newswire | 11/5/2020, midnight
A mere five days after the Oct. 8 announcement of the company, Greenwood has received more than 100,000 sign-ups to the waiting list for Greenwood’s digital banking platform at www.bankgreenwood.com. This pace illustrates the demand for a modern solution for minority banking and makes Greenwood one of the most successful launches in the history of the financial services industry.
Greenwood’s founders include civil rights legend Andrew J. Young, former U.S. ambassador to the United Nations and former mayor of Atlanta; Michael ‘Killer Mike’ Render, rapper, businessman, and activist in Black financial empowerment; and Ryan Glover, Greenwood chairman and founder of Bounce TV network.
“This incredible reception highlights the need for a new financial services platform that understands the Black and Latinx community, a platform built by us and for us, a platform that helps us build a stronger future for our communities,” said Glover. “Greenwood clearly is an idea whose time has come —modern banking for the culture.”
“Lack of fairness in the financial system has a long and sordid history in our country,” said Render. “It is heartening to see so many people respond to a banking concept that seeks to increase the circulation of dollars in Black and Latinx communities, thereby increasing opportunities for wealth creation for these families and the entire economy.”
Greenwood’s initial products are savings and spending accounts that come with a black metal debit card for customers who sign up by the end of the year. Advanced features like Apple, Samsung, and Google Pay, virtual debit cards, peer-to-peer transfers, mobile check deposits, and free ATM usage in over 30,000 locations will be offered with no hidden fees. Customers who invite their friends to open accounts receive cash awards as a thank you from Greenwood.
For every customer sign-up, Greenwood will provide five meals to a family in need. Every swipe of a Greenwood debit card will prompt a donation to UNCF for education, to feed the hungry, or the NAACP to support civil rights. Additionally, every month Greenwood will provide a $10,000 grant to a Black or Latinx small business owner that is a Greenwood customer.
The Greenwood name pays homage to the prosperous “Black Wall Street,” part of the Greenwood District of Tulsa, Okla., during the early 20th Century—a center of African-American enterprise, entertainment, skills, wealth and investment capital. Though it was destroyed by white mobs in 1921, the Greenwood District remains an enduring symbol of the economic potential of community solidarity.
Greenwood is not a member of the Federal Deposit Insurance Corporation. Banking services will be provided by FDIC-member banks. Deposits will be FDIC-insured by a partner bank. Additionally, Greenwood plans to work with brick-and-mortar minority-owned banks to provide products and services that will help strengthen historically Black banks.
To sign up for a Greenwood account, visit www.bankgreenwood.com.