Hip-hop artist and activist Killer Mike debuted a digital bank for Black people in October 2020, and in 2021 the venture raised $40 million in funding. Now the banking platform, which was co–founded by a group that includes former Atlanta Mayor Andrew Young and Bounce TV founder Ryan Glover, has received $45 million in funding. Its new valuation is $325 million, reported Atlanta Business Chronicle.
When they announced the launch two years ago, tens of thousands of people signed on immediately.
Killer Mike unveiled plans to launch Greenwood, whose name references the historic Tulsa, Oklahoma-based business district that was the heart of Black entrepreneurship. The district known as Black Wall Street was burned down and destroyed in 1921 by a white mob.
The bank’s latest round, a “Series A2” round, of funding was led by Black-founded investment firm Pendulum.
“This funding really accelerates our ability to deliver banking products, premium experiences, community, job advancement, and wealth creation opportunities for the Black and brown community,” Glover, co-founder, chairman, and CEO of Greenwood, told The Plug. According to Glover, internally, the organization is calling the raise a “Series A2,” essentially an extension of the $40 million Series A Greenwood closed in February 2021.
With this funding, Pendulum becomes the company’s largest investor on a dollar basis. New investors in the round also included Cercano Management, Cohen Circle, and The George Kaiser Family Foundation. Previous investors include Bank of America, Citi Ventures, PNC, Truist Ventures, and Wells Fargo, all of who participated in this round as well.
Greenwood has continued to expand since its debut. This year, Greenwood acquired two other Black-founded businesses — professional networking platform Valence, which has more than 25,000 members, and The Gathering Spot, a popular co-working space located in Atlanta, Washington, and Los Angeles. The Gathering Spot has more than 11,000 active members.
To date, Greenwood has more than 100,000 banking customers.
(Left to Right) Greenwood co-founders Michael “Killer Mike” Render, Andrew Young, and Ryan Glover (Photo: Greenwood website, https://bankgreenwood.com/about/#founding-team)