The burgeoning fintech startup — named for the early 20th century African-American business district in Tulsa, Oklahoma, that earned the nickname “Black Wall Street” — has raised roughly $40 million in Series A funding since its website launched in October, according to a joint announcement unveiled Thursday. Greenwood was introduced last year by co-founders Ryan Glover and rapper/activist Michael “Killer Mike” Render.
“The challenge of the racial wealth gap can only be effectively addressed by a coalition focused on the mission of financial equity,” Killer Mike told CNN Business via email Wednesday. “Greenwood’s Series A funding round is a major step towards economic empowerment to Latino and Black individuals, families, and businesses by assembling multiple parties in finance and financial services to act in concert.”
Truist Bank, Bank of America and JPMorgan Chase are among a growing list of major financial institutions now invested in Greenwood. Truist Bank says it became Greenwood’s lead investor following the fintech platform’s October unveil. The Charlotte-based commercial bank was the first major institution to inquire about investing in Greenwood, according to company leaders, who said other major investors include Mastercard, Visa, Wells Fargo, Soft Bank’s SB Opportunity Fund, PNC and Banco Popular.
Venture capital firms Lightspeed Venture Partners and TTV Capital followed suit along with fellow fintech firm FIS, and private equity division Quality Ventures. Actor Jesse Williams and New Orleans Saints running back Alvin Kamara have also joined Greenwood’s investment team.