The Bank Slate


Minority-focused neobank Greenwood raises $45M

Greenwood, a challenger bank that is focused on Black and Latino customers, has raised $45 million in new capital.

Greenwood said in a press release that the investment round was led by Pendulum, which is now the digital bank’s biggest investor. Other new investors included Cercano Management, Cohen Circle, The George Kaiser Family Foundation and NextEra Energy.

Bank of America, Citi Ventures, PNC, Popular, Truist Ventures, TTV Capital and Wells Fargo also invested in the latest round.

Greenwood said its banking platform 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,” Ryan Glover, Greenwood’s chairman, said in the release.

“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 center,” Glover added.

Glover co-founded Greenwood with Paul Judge, Andrew Young and Michael “Killer Mike” Render.

Greenwood in recent months has acquired The Gathering Spot, a networking hub, and Valence, a networking platform for Black professionals. The company said it recently formed Elevate, a program that give members access to The Gathering Spot and Valence offerings.

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