Greenwood (bank)

Greenwood is a Black- and Brown-owned financial technology institution that specifically targets Black and Latino people and businesses.[1] It is not FDIC insured; however, its banking services will be provided by FDIC-member banks. It was founded by former Atlanta mayor Andrew Young, rapper–activist Michael Render, and media executive Ryan Glover with $3 million of private investors to address a lack of banking services for people of color and representation of them in traditional banks.[2][3][4][5] It hopes that its competition will encourage bigger banks to reach more communities of color.[2] Upon opening account applications in October 2020, the bank received "tens of thousands" of requests in its first 48 hours.[6] Greenwood's services will not begin until 2021. As common among digital banks, services will be conducted under the regulatory charter of a larger, unnamed bank.[2] In addition to financial services, the bank says it will facilitate the Greenwood Give Back Program,[7] which will provide meals to needy families and support historically black colleges and universities, among other things.

The company's name refers to Greenwood District, Tulsa, a prosperous neighborhood known as the Black Wall Street prior to the 1921 Tulsa race massacre, when it was razed by a white mob.[2]