Months ago, Michael “Killer Mike” Render made headlines when he teamed up with Ryan Glover and Andrew Young to form a digital banking platform called Greenwood. Together, the trio hopes to build a financial institution that will benefit marginalized communities that have traditionally been discriminated against by banks. This week, Render, Glover and Young took a major step in the right direction.
Greenwood has shot off to a fast start. The tech startup has earned more than $40 million during Series A funding. Truist, Bank of America, PNC, JPMorgan Chase, Wells Fargo, Mastercard and Visa have all jumped in to offer funding. Also, Quality Ventures, an extension of Quality Control, and Saints Running Back Alvin Kamara have also bought into the first round of funding.
“The net worth of a typical white family is nearly ten times greater than that of a Black family and eight times greater than that of a Latino family. This wealth gap is a curable injustice that requires collaboration,” Greenwood Chairman Ryan Glover said.
“I am elated that many of the world’s top fintech companies have invested in Greenwood and join us in this mission. The backing of six of the top seven banks and the two largest payment technology companies is a testament to the contemporary influence of the Black and Latino community. We now are even better positioned to deliver the world-class services our customers deserve.”