GREENWOOD BANK FOR UNDERSERVED COMMUNITIES

Rapper Michael “Killer Mike” Render has long been an advocate for supporting Black-owned businesses and circulating money within Black-owned banks. Back in 2016, he spearheaded a call to action for financial empowerment that led to other influential rappers moving their money to Black-owned banks, with everyday citizens following suit in droves.

And now Render is taking his mission one step further with Greenwood, a mission-driven digital bank he's cofounded alongside Andrew J. Young, civil rights activist and former Atlanta mayor, and Ryan Glover, the founder and president of Bounce TV.

Named after the historic neighborhood in Tulsa, Oklahoma, that was dubbed Black Wall Street in the early 1900s, Greenwood's mission is to give equitable financial services to Black and Latinx communities while also giving back with charitable initiatives. Eventually, Render hopes Greenwood becomes a valuable addition to the money circulation within marginalized communities.

In order for marginalized groups to attain socioeconomic parity, there have to be banking options that are not only fair, but that keep money circulating within communities of color—all of which was front of mind for Render and his team.

Greenwood is a neobank, which means that it's a digital-only financial institution. Neobanking is becoming increasingly popular: In the U.S. and Europe, there are currently more than two dozen neobanks that have collectively raised more than $6 billion in venture funding. Due to their streamlined banking options and lack of brick-and-mortar locations, neobanks tend to have fewer or no fees attached to their services—and Greenwood is no different. At launch, it will offer savings and spending accounts, debit cards, Apple and Android pay, peer-to-peer money transfers, mobile deposits, and ATM accessibility, with no hidden fees.

“The alternative has been check cashing places in our communities, as they've become banking deserts.”

To read the complete article, see:
Killer Mike's new digital bank aims to build wealth in Black and Latinx communities (https://www.fastcompany.com/90561560/killer-mike-greenwood-black-neobank)

To read the earlier E-Sylum articles, see:
MAGGIE LENA WALKER'S SAVINGS BANK (https://www.coinbooks.org/v23/esylum_v23n40a30.html)
LOOSE CHANGE: OCTOBER 11, 2020 : The St. Luke Finance Corporation in the 1920s (https://www.coinbooks.org/v23/esylum_v23n41a32.html)

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