Greenwood Financial, an Atlanta digital bank aimed at Black and Latino clients, has bought The Gathering Spot, a private membership network focused on the Black community.
Greenwood said in a press release that the two platforms have a community of more than a million people. The company did not disclose the price it paid.
The plan is to offer features that include community building, personal finance content and banking services.
The Gathering Spot has clubs in Atlanta, Washington and Los Angeles that feature workspace, meeting rooms, event space and restaurant and bar. Members have exclusive access to in-person experiences and online content.
Ryan Wilson will remain The Gathering Spot’s CEO and will serve as Greenwood’s chief community officer. TK Petersen will continue to serve as the hub’s chief operating officer and will join Greenwood as a vice president.
“Joining with Greenwood is a commitment to our community, and we share Greenwood’s vision in empowering people and helping them to build opportunity and generational wealth,” Wilson said in the release.
“Greenwood and The Gathering Spot have been leading conversations on access to capital and the power of minority financial inclusion,” Ryan Glover, Greenwood’s chairman, said in the release.
“This moment marks a significant milestone for the culture and strength within the community,” Glover added. “The combined efforts of Greenwood and The Gathering Spot will expand the collective power of minorities to impact the wealth gap.”
Glover, a television executive, co-founded Greenwood along with rapper Mike Render (Killer Mike) and civil rights leader Andrew Young.