Published Tue, December 6, 2022 at 9:20 AM EST
Greenwood, a digital banking platform for Black and Latino individuals and businesses founded by Killer Mike, Andrew Young, Dr. Paul Judge, and Ryan Glover, announced it closed a $45 million investment round.
The round was led by Pendulum, an investment advisory firm. Other participating investors include Cercano Management, Cohen Circle, The George Kaiser Family Foundation, and NextEra Energy. They join existing investors Bank of America, Citi Ventures, PNC, Popular, Truist Ventures, TTV Capital, and Wells Fargo.
Greenwood’s banking platform has more than 100,000 customers, and per a press release, "the 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."
Greenwood points out that Black households held just 4 percent of total household wealth in the U.S. according to Brookings in 2020, even though Blacks make up over 13% of the U.S. population, and it seeks to "change this reality and support financial freedom through community building, career advancement, and financial services."
“This investment and our new partnership with Pendulum demonstrate the power of the Black ecosystem and that when you Choose Black, you will not be underserved,” Glover said. “Our vision is to make Greenwood the premier destination for Black and Latino wealth creation and regeneration while keeping community connection and collective professional advancement at the center.”
In other Killer Mike news, he's released a couple of solo singles this year, including a video for "Run" over the summer and "Talk'n Sh-t" co-produced by Memphis veteran DJ Paul back in October.