Great reporting by Brett Pulley and Jordyn Holman on the rise of fintech start-up Greenwood. We’re excited to watch the emergence of this ground-breaking neobank as it tackles the racial wealth gap with the ultimate goal of financial inclusion.
Co-Founders Paul Judge and Ryan Glover hope Greenwood will “revolutionize Black wealth, realizing, once and for all, Black prosperity that has been historically looted and systematically destroyed. It would be a place where Black and Latino people could aggregate, recirculate, and control their money, share financial knowledge, and not be beholden to predominantly White institutions…”
“The subtext of Greenwood’s sell is trust, because, finally, it’s banking by Black people, for Black people. Since Greenwood couldn’t find a minority-owned financial institution to provide its services, it created a program to help bring renewed energy to struggling Black banks, through revenue sharing, marketing support, and lead generation…”
“Greenwood wants to turbocharge the Black middle class by helping it build businesses and create the kind of sustainable wealth that’s been largely elusive to racial minorities in America. ‘The goal is to serve people who can manage a P&L, credit, an employee base, a mortgage, and home finances’ but have been blocked from the capital and resources that would allow them to realize their full financial potential, says Andrew “Bo” Young III, the civil rights leader’s son and another Greenwood investor.”