Greenwood
15 known investors
Greenwood is a mobile financial platform offering digital checking, high-interest savings, a Mastercard debit card, and commission-free stock and ETF investing, with banking services provided by Coastal Community Bank. Founded and led by Black entrepreneurs, it targets the Black community with tools for building wealth, roundup donations to charity partners, and financial education.
Also known as Bank Greenwood Β· gogreenwood.com Β· Greenwood, Inc.
Investors Β· 15
Also in the syndicate Β· 11
Company profile
researched Aug 2026Greenwood is a financial technology company, not a bank, that provides a mobile financial platform for Black and Latino individuals and businesses in the United States. Its core product is a membership that bundles a digital spending (checking) account and a high-yield savings account with banking services and FDIC pass-through insurance provided by partner Coastal Community Bank, plus a Mastercard debit card, peer-to-peer transfers, mobile check deposit, Apple Pay and Google Pay support, global ATM access, overdraft protection and direct deposit up to two days early. Savings accounts were advertised at a 4.15% APY (disclosed as effective May 22, 2023), with no monthly fees or minimum balance. Brokerage features let members invest from $1 in stocks and ETFs, including Black-owned publicly traded companies, with no commissions; advisory services are provided by Greenwood Investment Advisors LLC, an SEC-registered investment adviser, with custody and brokerage through DriveWealth, LLC (FINRA/SIPC).
The company frames its purpose around recirculating wealth in Black and Latino communities and takes its name from Tulsa's early 1900s Greenwood District, known as Black Wall Street. Community features include round-up donations from debit card purchases to partners such as the NAACP, UNCF and The King Center, monthly $10,000 grants to Black or Latino owned businesses, and meal donations through Goodr. Beyond consumer banking, Greenwood has assembled adjacent community and career assets: it acquired The Gathering Spot (a private membership and coworking network), Valence (a career development and recruiting platform) and neobank Kinly, and launched Greenwood Studios to produce personal finance content for Black and Latino audiences. In 2022 it introduced Elevate, a $200-per-month premium membership giving access to The Gathering Spot clubhouses, Valence, invitation-only events including the A3C Festival, luxury travel amenities, Priority Pass lounges and concierge services.
Under CEO Dave Cotter, who took the role in July 2024, Greenwood shifted strategy toward consumer spending with Black-owned businesses. In March 2025 it launched a cash-back program paying paying members up to 10% back on Greenwood debit card purchases at participating Black-owned merchants, piloted with three Atlanta businesses, and an online marketplace connecting consumers to third-party loan providers; Greenwood itself is not a lender.
Founding story
Greenwood was founded in 2020 by former Atlanta mayor and civil rights leader Andrew J. Young, rapper and activist Michael "Killer Mike" Render, and media executive Ryan Glover, founder of the Bounce TV network, with entrepreneur Paul Judge also cited among the founders. The company started with $3 million from private investors and was created to address the lack of banking services and representation for people of color. Its name references Tulsa's Greenwood District, the prosperous Black Wall Street destroyed by a white mob in 1921.
Business model
Greenwood operates a subscription-based consumer fintech model. Membership was advertised at $9.99 per month after a one-month free trial, including a Black Mastercard debit card, while the Elevate tier costs $200 per month and bundles club, networking, travel and event benefits. Banking services are delivered through partner bank Coastal Community Bank and brokerage through DriveWealth, and the company operates a marketplace connecting members to third-party lenders and to Black-owned merchants.
Recurring membership fees ($9.99/month standard; $200/month Elevate), plus out-of-network ATM withdrawal fees of $2.50; loan referrals through Greenwood Marketplace are fulfilled by participating third-party lenders rather than Greenwood.
Traction
As of the November 2022 funding announcement, Greenwood's banking platform had more than 100,000 customers and its combined community across Greenwood, The Gathering Spot, A3C and Valence exceeded 1 million people. The company reported more than 500,000 sign-ups by early 2021 and a 4.8-star App Store rating. It operates as a lean team of roughly 16 employees as of March 2025.
Latest developments
In March 2025 Greenwood announced its headquarters move from Atlanta to Tulsa under CEO Dave Cotter, launched a cash-back program offering paying members up to 10% back at participating Black-owned businesses (piloted at CafΓ© Bartique, Kitchen Cray and The Hidden Gym in Atlanta, with planned expansion to Tulsa and nationwide applications), and launched an online marketplace connecting consumers to third-party loan providers.
βΈFull profile β market position, technology, go-to-market, geography, history, risks & controversies
Market position
Greenwood is one of the best-known US neobanks focused on Black and Latino customers, backed by major banks and payment networks, and has consolidated several community-oriented assets, including the acquisition of competing Black-focused neobank Kinly.
Greenwood combines standard neobank features with community reinvestment mechanics β round-up donations to the NAACP, UNCF and The King Center, monthly $10,000 grants to Black or Latino owned businesses, meal donations via Goodr, cash back of up to 10% at participating Black-owned businesses β and with membership assets in professional networking, recruiting and events. Its founder group of prominent Black public figures and its investor base of large US banks and payment companies are also distinguishing features.
Technology
A mobile financial app built on partner infrastructure: banking and card issuance through Coastal Community Bank under a Mastercard license, brokerage and custody through DriveWealth. Security features include instant transaction alerts, one-tap card blocking, two-factor and fingerprint authentication, price and identity theft protection and Mastercard Zero Liability coverage.
Go-to-market
Greenwood launched with a public waitlist and heavy media attention around its founders, converting more than 500,000 early sign-ups; it markets through app-store distribution, celebrity and community partnerships, content via Greenwood Studios, and merchant partnerships in its Buying Black cash-back pilot. Distribution partnerships include lending partners such as Loanspark and Live Oak Bank.
Black and Latino consumers and business owners in the United States, including members seeking community-oriented banking, and Black-owned small businesses participating in its cash-back and grant programs. Account holders must be U.S. residents living in the U.S.
Geography
United States-only service. Headquarters were in Atlanta, Georgia, with a relocation to Tulsa, Oklahoma announced in March 2025 including a planned physical office there; employees work primarily virtually. The Gathering Spot clubhouses referenced in the Elevate membership were in Atlanta, Washington, D.C. and Los Angeles, and members have access to a global ATM network.
History
Greenwood was announced in October 2020 and drew tens of thousands of account requests within a day, reaching more than 500,000 prospective members by early 2021. It raised a $40 million Series A in March 2021 led by Truist Ventures, announced a Mastercard partnership for its first debit cards in April 2021, and launched Greenwood Studios in August 2021. Service launch, originally planned for early 2021, was delayed to July 2021 and then to the end of that year, with general public access in early 2022. The company acquired The Gathering Spot (May 2022), Valence (June 2022) and Kinly (May 2023), and raised $45 million in November 2022. The Gathering Spot relationship deteriorated and that business split from Greenwood by the end of 2023, with Greenwood remaining an investor. Dave Cotter became CEO in July 2024, and in March 2025 the company announced it was moving its headquarters from Atlanta to Tulsa, Oklahoma.
Risks & controversies
Greenwood's 2022 acquisition of The Gathering Spot unraveled: the business relationship soured in 2023 and the two companies separated by the end of that year, with Greenwood retaining only an investor stake. Product launches were repeatedly delayed from early 2021 to early 2022, attributed to unexpectedly high demand. The company is not a bank or a lender, so deposits, brokerage and loans depend on third parties, and FDIC pass-through insurance applies only if certain conditions are met.
Compiled by commissioned research from 8 cited public sources β announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed β not independently audited.
Timeline Β· 11
launches, deals, and filingsGreenwood announced it is moving its headquarters from Atlanta, Georgia to Tulsa, Oklahoma, where it will set up a physical office while retaining an Atlanta customer base.
Greenwood launched a program giving paying members up to 10% cash back on debit card purchases at participating Black-owned businesses, piloted at CafΓ© Bartique, Kitchen Cray and The Hidden Gym in Atlanta, plus an online marketplace connecting consumers to third-party loan providers.
Seattle-based technology executive Dave Cotter, previously at Microsoft and Amazon and founder of a company acquired by Nordstrom, became CEO of Greenwood, succeeding co-founder Ryan Glover.
Greenwood acquired Kinly, a neobank competitor focused on serving the Black community, and planned to integrate Kinly's technology and products, adding lending services.
The business relationship with The Gathering Spot soured in 2023 and the company split from Greenwood by year-end; Greenwood remains an investor.
Greenwood introduced Elevate, an all-access membership including The Gathering Spot clubhouses in Atlanta, Washington D.C. and Los Angeles, the Valence networking and job platform, invitation-only events such as the A3C Festival, luxury travel amenities, Priority Pass lounges and concierge services.
Greenwood acquired Valence, a career development and job recruiting platform for the Black and Latino community.
Greenwood, Inc. acquired The Gathering Spot, an Atlanta-based networking and coworking membership club.
Greenwood launched Greenwood Studios to produce personal finance content for Black and Latino audiences covering savings, investing, credit building, entrepreneurship and wealth management.
Greenwood announced a partnership with Mastercard, which would issue the platform's first debit cards.
Greenwood was announced in October 2020 as a digital banking platform for Black and Latino consumers, founded with $3 million from private investors.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
βΈResearch sources Β· 8
primary sources listed
- Greenwoodbankgreenwood.com Β· web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Greenwood do?
- Greenwood is a Black-founded digital banking and financial services platform serving Black and Latino consumers in the US.
- Who are Greenwood's investors?
- Greenwood's investors include Cohen Circle, Open Opportunity Fund, Truist Ventures, TTV Capital.