Greenwood Bank

Name

Greenwood Bank

Legal name

Greenwood, Inc.

Website

https://bankgreenwood.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Ownership category

akta.pro rank

Product category

Digital Banking

NAICS

Depository Credit Intermediation (5221), Portfolio Management and Investment Advice (52394)

SIC

Finance Services (6199), Investment Advice (6282)

akta.pro primary industry

Regional/Diaspora-focused Neobanks (FSABAFAK)

akta.pro secondary industries

Premium/Affluent Neobanks (FSABAFAE), Financial Inclusion & Consumer Empowerment (Banking Access, Credit Building) (BPAGALAJ)

Keywords

• Digital banking
• Mobile banking
• Community banking
• Financial services
• Consumer banking

Headquarters

HQ city

Atlanta

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Premium Membership Subscription: Elevate premium membership at $200/month providing enhanced banking features, travel benefits, and exclusive perks
2. Interest Income: Interest earned on savings balances and lending activities; 4.15% APY offered on savings accounts
3. Transaction Fees: Out-of-network ATM withdrawal fees ($2.50 per transaction plus ATM operator fees)
4. Investment Services: Investment advisory services through Greenwood Investment Advisors LLC (SEC registered); brokerage through DriveWealth with SIPC protection
5. Marketplace Loans: Connect borrowers with participating lenders through Greenwood Marketplace for loans and financing

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Greenwood is a Black-founded, Black-led mobile digital banking platform offering FDIC-insured checking and high-yield savings accounts to Black and Latino individuals and families. Banking services are provided through partner bank Coastal Community Bank (FDIC-insured), while investment services run through SEC-registered Greenwood Investment Advisors with DriveWealth as broker-dealer. Premium tiers include the Elevate Membership at $200/month, and the platform generates supplementary income via marketplace loans, transaction fees, and community-focused reward programs.

Product overview

Greenwood is a Black-founded digital banking platform offering a suite of financial products through mobile technology. The core platform consists of a Spending Account (FDIC-insured checking with Mastercard debit card) and Savings Account (4.15% APY). Premium add-ons include the Premium Membership ($18/month) and Elevate Membership ($200/month) with enhanced benefits, investment services through Greenwood Investment Advisors (SEC registered, DriveWealth-powered), Cash Back rewards for buying Black, Greenwood Marketplace for loans, and Greenwood Gives Back charitable roundup donations. The platform expanded through acquisitions of The Gathering Spot (private networking club) and Valence (professional development recruiting database), creating a combined ecosystem serving over 1 million Black and minority individuals with banking, community, and wealth-building services.

Differentiator

Problem solved

Functional benefit

Brands

• Elevate: Premium membership product offering enhanced banking benefits including a $200/month membership with travel, spend, and experiences benefits.

Products and services

• Greenwood Spending Account FDIC-insured digital checking account with Mastercard debit card featuring no hidden fees, 2-day early direct deposit access, instant card deposits, mobile check deposit, and money transfers, offered to Black and Latino individuals and families.
• Greenwood Savings Account High-interest savings account offering 4.15% APY with no monthly fees and no minimum balance requirements for Black and Latino communities.
• Greenwood Premium Membership Premium tier membership providing no-hidden-fees Mastercard debit card, early paycheck access, high-interest savings, investment opportunities in stocks and ETFs, roundup donations to community charities, and financial education and support.
• Elevate Membership Premium membership at $200/month offering travel, spend and experiences benefits along with the Greenwood Elevate Debit Card.
• Greenwood Investment Advisors SEC registered investment advisory service enabling investing in publicly traded companies, ETFs, and Black-owned publicly traded companies starting at $1, with SIPC insurance up to $500,000.
• Greenwood Marketplace Marketplace platform connecting members with Black-owned financial products and services, including loans for Black entrepreneurs through partnerships with lenders.
• The Gathering Spot Private networking and workspace club for Black professionals acquired in May 2022 to expand community platform with membership networking services.
• Valence Professional development and recruiting database acquired in June 2022 to support workforce diversification and career opportunities for Black and Latino communities.
• The Greenbook Directory and resource platform for Black-owned businesses and community information.

Quantifiable outcome

• 4.15% APY on savings accounts (compared to national average of ~0.5%)
• +1 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• ValencecoreStrategic or Co-development Partner · 22 June 2022Greenwood acquired Valence, a recruiting database, to support Black and Latino communities with professional development and job opportunities. The acquisition aims to diversify workforces and close the racial wealth gap.
• The Gathering SpotcoreStrategic or Co-development Partner · 10 May 2022Greenwood acquired The Gathering Spot, a private membership network for Black professionals, to create a combined platform serving over 1 million Black and minority individuals. The merger aims to support minority entrepreneurship, financial freedom, and wealth building through community and banking services.
• DriveWealthcoreTechnology or IntegrationDriveWealth LLC serves as the broker-dealer and qualified custodian for Greenwood Investment Advisors accounts. Member of FINRA/SIPC, providing investment brokerage services and SIPC insurance protection up to $500,000.
• Coastal Community BankcoreTechnology or IntegrationCoastal Community Bank provides FDIC-insured banking services for Greenwood. Deposits are insured up to $250,000 per depositor. Issues Greenwood Debit Mastercard pursuant to license by Mastercard International.
• MastercardcoreTechnology or IntegrationMastercard licenses the Debit Mastercard brand for Greenwood's debit cards issued through Coastal Community Bank.
• NAACPminorOthersCharity partner for the Greenwood Gives Back Program, receiving roundup donations from users' debit card transactions.
• UNCF (United Negro College Fund)minorOthersCharity partner for the Greenwood Gives Back Program, receiving roundup donations from users' debit card transactions.
• King Center for Social JusticeminorOthersCharity partner for the Greenwood Gives Back Program, receiving roundup donations from users' debit card transactions.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• SoFi: SoFi is a large incumbent digital bank offering checking, savings, investing, and lending. Its premium-tier membership model and broad financial product set position it as a benchmark for Greenwood's Elevate-plus-investing ambitions.
• Cash App (Block): Cash App, part of Block, is a massively scaled mobile payments and banking platform with broad consumer reach. While not community-focused, it is a structural competitor for the same digital-first, lower-income, and minority consumer wallet share.

Direct peers

• Dave: Dave is a subscription-based mobile banking app offering cash advances, budgeting, and a checking account. It competes directly with Greenwood in the subscription-augmented mobile banking category, particularly for underbanked consumers.
• Current: Current is a U.S. neobank that targets underbanked consumers with a similar community-inclusion ethos, offering mobile checking, savings pods, and teen banking. It is the closest comparable to Greenwood in mission and product surface, making it the most direct peer.
• Chime: Chime is the largest U.S. neobank, offering fee-free checking, high-yield savings, and early direct deposit to a mass-market audience. It competes head-to-head with Greenwood for mobile-first banking customers and represents the scale benchmark in the category.
• Varo Bank: Varo is a nationally chartered digital-only bank offering mobile checking, savings, and credit products to underbanked consumers. Its bank charter differentiates it from Greenwood's BaaS model, but its mobile-first proposition serves an overlapping customer base.

Emerging players

• Step: Step is a mobile banking platform targeting teens, young adults, and families with no-fee accounts and early credit building. It overlaps with Greenwood on mobile-first banking but focuses on a younger, family-oriented segment rather than community-targeted banking.
• One Finance: One is a digital bank offering no-fee checking, high-yield savings, and credit products targeting middle-income Americans, including a notable focus on immigrant and underserved communities post-Majority acquisition. The community-targeting overlap with Greenwood is meaningful.
• Greenlight: Greenlight offers family banking and financial literacy products for kids and teens. While its product focus differs, its parent-paid subscription model is structurally similar to Greenwood's Elevate membership and it competes for household fintech mindshare.
• Albert: Albert is a subscription-based mobile finance app offering banking, savings, investing, and credit-building features. Its subscription-first monetization and breadth of features overlap with Greenwood's Elevate-driven premium playbook.

Market position

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/bankgreenwood
• Facebookfacebook.com/bankgreenwood
• Instagraminstagram.com/greenwood

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds4 records

Investors21 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Greenwood Bank