Platform for Black and Latino banking services Greenwood secures $45m investment

Digital banking platform for Black and Latino individuals and businesses Greenwood has secured $45 million in an investment round led by Pendulum, as well as a number of other new and existing investors.

The funding round makes Pendulum, which is a strategic growth investing and advisory platform designed for founders and leaders of colour, the largest investor in Greenwood on a dollar basis.

Other new investors in this round include Cercano Management, Cohen Circle, The George Kaiser Family Foundation, and NextEra Energy, while existing investors Bank of America, Citi Ventures, PNC, Popular, Truist Ventures, TTV Capital, and Wells Fargo also participated.

Atlanta-based Greenwood’s digital banking service is provided by partnering with Federal Deposit Insurance Corporation-insured banks and the platform now has more than 100,000 customers.

“This investment and our new partnership with Pendulum demonstrate the power of the Black ecosystem and that, when you choose Black, you will not be underserved,” said Ryan Glover, co-founder and chairman of Greenwood.

“Our vision is to make Greenwood the premier destination for Black and Latino wealth creation and regeneration, while keeping community connection and collective professional advancement at the centre.”

Glover co-founded Greenwood alongside Dr Paul Judge, Civil Rights leader Andrew J. Young, and rapper and activist Michael “Killer Mike” Render.

In addition to the investment, Greenwood announced a new membership scheme, ‘Elevate’, following its acquisitions of private membership network The Gathering Spot in May this year, and Valence, which provides the Black professional community with recruitment and professional development products, in June.

Elevate will offer access to The Gathering Spot’s private membership network with physical clubhouses in Atlanta, Washington D.C., and Los Angeles, and to Valence’s professional networking platform, including job listings through the recruiting database.

Robbie Robinson, co-founder and CEO of Pendulum, added: “Greenwood is poised to create new outcomes and equip our communities with the resources they have been systemically excluded from in the pursuit of economic opportunity.

“My wife and co-founder D’Rita and I, along with our team, are thrilled to partner with Greenwood to accelerate its mission and deliver its growing product offering to its constituency across the country.”

Main image left to right: Paul Judge, Ryan Glover, D’Rita Robinson, Robbie Robinson, Michael “Killer Mike” Render, Andrew J. Young / Source: BusinessWire