Founded by members of Black Atlanta’s elite, including rapper Killer Mike, U.S. ambassador to the United Nations Andrew Young, and Bounce TV founder Ryan Glover, the online financial institution Greenwood Bank is doing things a little differently.
First there’s the name itself. “Greenwood” pays homage to Tulsa, Oklahoma’s once-thriving Black business district, which was destroyed by jealous white mobs. Then there’s what happens with the bank’s capital.
Customers can expect all the usual offerings, such as debit cards, savings and checking accounts, the ability to make peer-to-peer payments, and integration with mobile platforms like Apple Pay.
But Greenwood goes above and beyond to address community issues, including small business and education funding and food insecurity.
“For every sign-up to the bank,” TechCrunch reports, “Greenwood will donate the equivalent of five free meals to an organization addressing food insecurity. And every time a customer uses a Greenwood debit card, the bank will make a donation to either the United Negro College Fund, Goodr (an organization that addresses food insecurity) or the [NAACP].” And did we mention their $10,000 small business grant program?
Why, in the wake of a depressed economy, did Greenwood come to be?
“You’re either going to be a participant in [capitalism] or a victim of it,” says Killer Mike. “The ultimate protest is focusing your dollar like a weapon.” Could Greenwood be the bank for you?