A majority Black and Latin-American owned and operated online bank set to open in January already has “tens of thousands” on the waiting list seeking an account, CNN Business reported.
Greenwood is a digital bank that was founded by Bounce TV founder Ryan Glover, rapper “Killer Mike,” and former Atlanta Mayor and US Ambassador to the UN Andrew Young that was “inspired by the early 1900’s Greenwood District, where recirculation of Black wealth occurred all day, every day, and where Black businesses thrived,” according to its website.
Its mission statement describes how the platform is aiming to supplement “the current financial system, [which] has failed Black and Latinx communities.”
Glover told CNN Business that although Greenwood has been in the works since early last year, the killing of George Floyd that sparked nationwide movements against systemic racism also increased interest in the company.
Some of the biggest companies in the US have announced support programs for Black-owned financial institutions in recent months.
In September, Square, founded by Twitter CEO Jack Dorsey, invested $100 million to address racial inequality in the financial industry. Square donated millions to funding for Black and minority-owned financial institutions and banks. In July, Netflix moved $100 million of cash reserves to minority-led financial institutions focusing on Black communities.
Investing in Black-owned financial institutions could play a key step in addressing racial inequalities in the corporate world. Business Insider’s Dominick Reuter previously reported that “if more depositors start keeping money with Black-owned banks, those lenders can use their assets to make more loans in the communities they serve.”