Greenwood aims to “create non-predatory lending products, circulate capital into our communities, deploy capital to deserving individuals in the community,” Chairman Ryan Glover said in an interview. “This is a multigenerational wealth gap problem. It takes an all-hands-on-deck solution.”
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Greenwood, a digital banking platform aimed at Black and Latino customers, raised $40m from some of the biggest U.S. lenders and payments companies
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Greenwood has yet to announce which bank will underpin its activities. The digital platform plans to offer jointly branded debit accounts with Black-owned banks and will funnel customers seeking loans to minority-focused institutions. “We don’t typically come in this early pre-product, pre-revenue,” said Vanessa Vreeland, head of Truist Ventures. “But we were so excited by their success previously and by what they were trying to accomplish, and also they had been resonating so well with the community,” she said, referring to Greenwood’s partners.
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