Rapper Killer Mike has partnered with civil rights legend Andrew J. Young and entrepreneur Ryan Glove to launch the country's newest Black-owned bank and financial institution. Having already secured $3 million in seed funding from private investors, Greenwood Bank will be the first digital banking platform for Black and Latinx people and business owners.
Greenwood's initial products are savings and spending accounts that come with a stunningly designed black metal debit card for customers who sign up by the end of the year. Advanced features like Apple, Samsung, and Android pay, virtual debit cards, peer-to-peer transfers, mobile check deposits, and free ATM usage in over 30,000 locations are offered with no hidden fees. Customers who invite their friends to open accounts receive cash awards as a thank you from Greenwood. All deposits are FDIC insured by a partner bank.
Glover, who is also the founder of Bounce TV, said: "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. That is why we launched Greenwood, modern banking for the culture."
"Today, a dollar circulates for 20 days in the white community but only six hours in the Black community," said Michael 'Killer Mike' Render. "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."
Ambassador Young said: "The work that we did in the civil rights movement wasn't just about being able to sit at the counter. It was also about being able to own the restaurant"
"We have the skills, talent and energy to compete anywhere in the world, but to grow the economy, it has to be based on the spirit of the universe and not the greed of the universe. Killer Mike, Ryan and I are launching Greenwood to continue this work of empowering Black and Brown people to have economic opportunity."
The Greenwood name pays homage to the prosperous "Black Wall Street," part of the Greenwood District of Tulsa, Oklahoma, during the early 20th Century -- a centre of African American enterprise, entertainment, skills, wealth and investment capital.