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Subject: "Greenwood: Killer Mike is opening a bank" Previous topic | Next topic
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Sun Oct-11-20 07:41 AM

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"Greenwood: Killer Mike is opening a bank"


New York (CNN)A new majority Black and Latinx-owned and operated digital bank hopes to make supporting Black-owned banks and businesses a little easier for consumers.

Greenwood was created by Bounce TV founder Ryan Glover and his close friend, rapper-activist Michael "Killer Mike" Render. The leadership team at Greenwood, which includes former Atlanta Mayor Andrew Young, unveiled their new platform on Thursday after raising more than $3 million in seed funding in June.

Glover has been working on Greenwood since early 2019, but he said interest in the venture spiked after the police killing of George Floyd in Minneapolis sparked a nationwide reckoning with racism that has inspired many Americans -- including many in the corporate world -- to support Black-owned businesses and financial institutions.
While the bank doesn't open until January, the company launched its website on Thursday and there is already a waiting list for those who want to open a Greenwood account.

"I will say we're in the tens of thousands," Glover told CNN Business on Friday. "That number is increasing by the day."

From left, Greenwood bank founders Michael "Killer Mike" Render, former Atlanta Mayor Andrew Young and Bounce TV founder Ryan Glover
From left, Greenwood bank founders Michael "Killer Mike" Render, former Atlanta Mayor Andrew Young and Bounce TV founder Ryan Glover
What is Greenwood?

Like its competitors Chime, Aspiration, Money Lion and Vero, Greenwood is a digital bank whose financial services -- including checking and savings accounts, mobile deposits and peer-to-peer transfers -- are fulfilled almost entirely online. The bank offers a global ATM network, Apple and Android Pay services, and two-day advances on paychecks for customers who sign up for direct deposit.
close dialog

Unlike its peers, however, Greenwood's target audiences are Black and Latinx communities and anyone else who wants to support Black-owned businesses. Glover says the bank will specialize in financing Black and Latinx entrepreneurs who typically have a harder time securing loans from mainstream commercial banks.

"In order to build wealth, you need bank capital," Glover said. "We will identify qualified entrepreneurs, business owners and creatives to equip them with the capital needed to make their dreams a reality."

Greenwood is named after the former Greenwood district of Tulsa, Oklahoma, an early 20th century African-American business community that was so prosperous it was nicknamed Black Wall Street. A mob of White Americans destroyed the Greenwood district during the 1921 Tulsa race massacre.
Why bank Black?

Before it was destroyed nearly a century ago, Glover said, a dollar spent in Tulsa's Greenwood district would circulate 36 times before leaving the community.
"Today, a dollar circulates for 20 days in the White community, but only six hours in the Black community," Render said in a written statement. Black Americans are twice as likely to be denied mortgage loans by traditional banks, but minority depository institutions have a better track record of lending to non-White individuals.

"This lack of fairness in the financial system is why we created Greenwood," Render added.

Why create a digital bank?

Glover points out that Americans have been banking online almost exclusively at higher rates in recent years. It's a trend major commercial banks have been slow to embrace and a sector Glover says hasn't done much to reach out to minorities.

"There were no digital banking solutions that cater to the African-American or Latinx communities until Greenwood," Glover said.

In 2017, about 17% of Black Americans didn't have a bank account, compared to just 3% of White Americans, according to an FDIC study.

There are only 23 minority-owned banks in the US today. Glover says those brick-and-mortar institutions have done a "fairly good job" supporting minority communities over the years, but "today is a new day."

"We believe there is an opportunity to continue to super serve our community by creating a digital bank that maybe the traditional African-American, Latinx banks just don't understand," he said. "We certainly know the traditional larger banks don't understand our community."

Glover founded Bounce TV in 2010 before it was sold to TV station owner E.W. Scripps in 2017 -- an acquisition deal that included two other networks -- for $292 million, according to Deadline. The self-described serial entrepreneur was inspired to create Greenwood in 2018 after noticing his son and daughter did all their banking online.
"I believe digital banking is the wave of the future, not just something that's popular now," he said.

TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*


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Greenwood: Killer Mike is opening a bank [View all] , legsdiamond, Sun Oct-11-20 07:41 AM
Subject Author Message Date ID
hes been running cover for brian kemp and trump lately.
Oct 11th 2020
What ? Damnnnnnnnnnn
Oct 11th 2020
RE: hes been running cover for brian kemp and trump lately.
Oct 11th 2020
He’s a grifter “seat at the table” type.
Oct 11th 2020
meeting Kemp opened up trade school opportunities
Oct 11th 2020
      The only thing Kemp has to trade is your legitimacy
Oct 11th 2020
      not this time
Oct 11th 2020
           Every time. No exceptions.
Oct 11th 2020
      someone doesnt know how state govt works.
Oct 11th 2020
      And dude is a straight villain to democracy
Oct 11th 2020
      Did you just spell voila as wallah?
Oct 11th 2020
Oct 11th 2020
           lmaooo fam its arabic.
Oct 12th 2020
                RE: lmaooo fam its arabic.
Oct 12th 2020
                     'no campaign contributions. no lobbying. just wallah.'
Oct 12th 2020
                          RE: 'no campaign contributions. no lobbying. just wallah.'
Oct 12th 2020
                          I don’t speak Arabic, I’m going by your translation
Oct 13th 2020
      Yeah, he did a good job of addressing it all
Oct 11th 2020
Oct 11th 2020
                what was the real effect? more voter suppression?
Aug 19th 2021
Most of our banking is physical, same with Latinx communities
Oct 11th 2020
Good point (re: physical). A lot of major banks are already transitionin...
Oct 11th 2020
it's a completely bizarre thing to mention when you're opening
Oct 13th 2020
I used to really like this dude
Oct 12th 2020
dude always seemed sketchy and opportunistic to me
Oct 12th 2020
Tell me about the upstanding people you bank with
Oct 13th 2020
lol right?
Oct 13th 2020
      Ya'll know credit unions exist right?
Oct 13th 2020
           your question has nothing to do with WF.
Oct 13th 2020
                Your response to his false binary validates the binary. Wells Fargo is t...
Oct 13th 2020
                nobody said other options don't exist.
Oct 13th 2020
                We have an account at both
Oct 13th 2020
                     I use CUs for car loans.
Oct 14th 2020
                          Yeah. That’s the main reason we got a CU account
Oct 14th 2020
                               that is a good rate.
Oct 14th 2020
Mike? He does have a Jay Z vibe to me
Oct 13th 2020
      His dad is/was a cop
Oct 14th 2020
“Stacey Abrams won the hearts of the people and that’s good. But the...
Oct 12th 2020
I Think That's Great
Oct 12th 2020
maybe my conditioning been conditioned but this giving me RushCard
Oct 13th 2020
Right:. That’s the first thing I mentioned when I heard it
Oct 13th 2020
at least they actually got the rushcard out.
Feb 10th 2021
I mean we'll see what happens when it's....actually available
Oct 13th 2020
For no reason at all: Credit Unions vs. Banks
Oct 13th 2020
Instead, there only are about 20 applications to start banks in the U.S....
Oct 13th 2020
Slightly related...
Oct 13th 2020
2017 FDIC National Survey of Unbanked and Underbanked Households
Oct 13th 2020
Methods Banked Households Used to Access Their Accounts
Oct 13th 2020
whatever happened with this? its been 4 months.
Feb 10th 2021
I was going to blame it on covid
Feb 10th 2021
that 1st faq answer is embarrassing and sounds like some hucksters
Feb 10th 2021
      Damned if you do / don't
Feb 10th 2021
           how about not doing an entire media rollout and promotion campaign
Feb 10th 2021
           That's your issue. Not mine
Feb 10th 2021
                youre sure there are examples of something you dont know?
Feb 10th 2021
                     About as sure as you are of this statement:
Feb 10th 2021
           name three tech companies who've done this waitlist thing
Feb 10th 2021
moving up/down the waitlist based on referrals is bullshit
Feb 10th 2021
Feb 10th 2021
yup.. but so is offering new customers better rates to join
Feb 10th 2021
So pessimistic man.
Feb 10th 2021
lol 'hey lets open a bank with that rapper thats in that group
Feb 10th 2021
      RE: lol 'hey lets open a bank with that rapper thats in that group
Feb 10th 2021
      bernie MADE OFF
Feb 10th 2021
Feb 10th 2021
consultant/grifter got their fees and moved on, most likely
Feb 10th 2021
Mike's politics on wax and his politics in life do not align
Feb 10th 2021
after reading 'The Color of Money', I did my DD and feel conflicted.
Feb 10th 2021
I see a lot of people still talking about being on the waiting list.
Jun 19th 2021
It's not a good look.
Aug 20th 2021
These niggas cap
Sep 23rd 2021
damn its almost been a full year since the announcement.
Sep 23rd 2021
WTF They Still Haven't Opened Up Yet?
Sep 23rd 2021
Stop waiting for these clowns, use my mans bank/lender
Sep 23rd 2021
I hope the initial investors are getting more communication than we are
Sep 23rd 2021
navy fed is so dope.
Sep 23rd 2021
      You know the vibes
Sep 23rd 2021
could not agree more
Sep 23rd 2021
      also if you need a celebrity endorsement...
Sep 23rd 2021
Sep 23rd 2021
           LOL yeah
Jan 12th 2022
I got an account opened up
Jan 12th 2022

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