Killer Mike’s digital banking platform Greenwood has secured over $45 million in its latest round of funding.
Greenwood, a bank geared towards Black and Latinx people that was launched in 2020 by the Run The Jewels rapper alongside former Atlanta mayor Andrew J. Young and Ryan Glover, secured the massive investment mostly from Pendulum, an investment advisory firm.
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Additional investors include Cercano Management, Cohen Circle, The George Kaiser Family Foundation and NextEra Energy. The organizations join the likes of Bank of America, Citi Ventures, PNC, Popular, Truist Ventures, TTV Capital and Wells Fargo, who backed Greenwood as investors at launch.
Per a press release, the digital banking platform already has over 100,000 customers whose funding “will accelerate Greenwood’s vision of closing the racial wealth gap and providing the tools and education needed to empower the Black and Latino communities to build generational wealth.”
“Today, a dollar circulates for 20 days in the white community but only six hours in the Black community,” Killer Mike said in a press release back in 2020. “Moreover, a Black person is twice as likely as a white person to be denied a mortgage. This lack of fairness in the financial system is why we created Greenwood.”
Glover added: “It’s no secret that traditional banks have failed the Black and Latinx community. We needed to create a new financial platform that understands our history and our needs going forward, a banking platform built by us and for us, a platform that helps us build a stronger future for our communities. This is our time to take back control of our lives and our financial future.”
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Greenwood has started with savings and spendings account, with Mike and his team providing Apple, Samsung and Android pay features, mobile check deposits, peer-to-peer transfers, virtual debit cards and free ATM usage in over 30,000 locations.
Additionally, Greenwood intends to award $10,000 grants to Black or Latinx customers who own small businesses. The grants will be allotted on a monthly basis.
In other Run The Jewels news, Killer Mike and El-Precently gave a sneak peek of their forthcoming Nike SB Dunk High sneakers, which are set to hit stores on April 20, 2023 – Mike’s 48th birthday.
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The duo also released RTJ CU4TRO in November, a reissue of their 2020 album featuring a lineup of artists from the Latin American diaspora.
