Greenwood, a digital banking platform for Black and Latino individuals and businesses, announced today the completion of a $45 million financing round led by Pendulum, a strategic growth investing and advising platform for startups and leaders of color.
With this investment, Pendulum becomes the largest dollar investor in Greenwood. With the financing led by Pendulum and following Greenwood’s recent acquisitions of Black-founded The Gathering Spot and Valence, this investment underscores the potential of the Black entrepreneurial ecosystem. Cercano Management, Cohen Circle, The George Kaiser Family Foundation, and NextEra Energy are among the new investors in this round. This round was also supported by existing investors Bank of America, Citi Ventures, PNC, Popular, Truist Ventures, TTV Capital, and Wells Fargo.
Greenwood’s vision of bridging the racial wealth gap and providing the tools and information needed to empower the Black and Latino communities to generate generational wealth would be accelerated by the funding. Greenwood has a total community of over 1 million people throughout Greenwood, The Gathering Spot, A3C, and Valence, and Greenwood’s banking platform already has over 100,000 customers.
Greenwood Bank is the digital banking platform for Black and Latino individuals and businesses. Greenwood’s mission is to support financial freedom for minorities through community building, career advancement, and financial services. Greenwood’s flagship product is a best-in-class digital banking service provided by partnering with FDIC-insured banks. Greenwood Inc, includes The Gathering Spot, a private membership network and Valence, the career development and job recruiting platform.
The combined community has over 1 million people. Greenwood’s founders include Civil Rights leader Andrew J. Young and Ryan Glover, founder of the Bounce TV Network. Greenwood has raised funding from six of the largest banks including Citi, JPMorgan Chase, PNC and Truist as well as other companies including Pendulum, TTV Capital, Mastercard, and Visa.