What Greenwood does

Greenwood is a Black-founded, Black-led mobile financial technology company headquartered in Atlanta, founded in 2020 to serve Black and Latino consumers underserved by mainstream banking. The platform operates as a financial technology layer rather than a chartered bank, delivering FDIC-insured deposits and a Mastercard debit card through a pass-through arrangement with Coastal Community Bank, with brokerage services for stocks and ETFs routed through DriveWealth (member SIPC/FINRA). Core products include a no-fee Spending Account with 2-day early pay, a 4.15% APY Savings Account with no minimum balance, and an Invest module allowing purchases from $1 in stocks and ETFs.

The company's business model blends freemium banking with a $200/month premium tier (Greenwood Premium Membership and Greenwood Elevate) that bundles cash-back rewards, purchase protection, Priority Pass lounge access, travel insurance, and exclusive experiences (A3C Festival, PGA TOUR golf). Revenue is generated from premium subscriptions, debit card interchange, marketplace referral fees from third-party lending, insurance, and tax partners (MoneyLion, Fiona, Ladder Life, Ethos, Atlanta Life, TaxHub), and net interest margin on deposits. Greenwood's distinct value proposition is the Cash Back for Buying Black program (up to 10% at Black-owned merchants) and community infrastructure built through 2022 acquisitions of The Gathering Spot (a Black-owned private members club) and Valence (a Black professional networking platform), which now feed a physical venue—The Retreat, a 60,000-square-foot Atlanta community space launched in 2025.

Greenwood raised a $45 million Series B in November 2022 led by Pendulum Holdings, with participation from Bank of America, Citi Ventures, Wells Fargo, Truist Ventures, Popular, Cercano Management, Cohen Circle, George Kaiser Family Foundation, and TTV Capital. The company has not disclosed a subsequent funding round; a 2026 neobank competitive analysis groups Greenwood with Varo and Current as continuing to post losses, contrasting with profitable peers Chime, Cash App, and SoFi. The platform's strategic bet is that culturally-rooted brand, community network effects, and bundled premium services can sustain growth and eventual profitability where pure digital banking has not.

Name

Greenwood

Legal name

Greenwood, Inc.

Website

https://gogreenwood.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Greenwood is a Black-founded, Black-led mobile banking platform serving Black and Latino communities with FDIC-insured checking, 4.15% APY savings, investing, a marketplace for loans and insurance, and a $200/month premium tier featuring the Cash Back for Buying Black program and lifestyle benefits.

Ownership category

akta.pro rank

Product category

Digital Banking

NAICS

Portfolio Management and Investment Advice (523940), Educational Support Services (61171)

SIC

Finance Services (6199), Services-Educational Services (8200)

akta.pro primary industry

Regional/Diaspora-focused Neobanks (FSABAFAK)

akta.pro secondary industries

Financial Inclusion & Consumer Empowerment (Banking Access, Credit Building) (BPAGALAJ), Financial & Consumer Integration (Banking, Credit, Taxes) (EDAAADAG), Co-Branded Card & Card-Linked Offers Enablement (Issuer/Network Integrations) (THALAKAI)

Keywords

• Digital banking services
• Mobile banking platform
• Consumer investment platform
• Premium membership banking
• Community financial marketplace

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, Marketing or Sales, Operations, Infrastructure, Others

Revenue model

1. Premium Membership Subscription: Greenwood Elevate premium membership at $200/month providing exclusive lifestyle and professional development benefits including travel concierge, Priority Pass lounges, purchase protection, and golf experiences
2. Interchange Fees: Transaction fees from Greenwood Mastercard debit card usage including purchases and ATM withdrawals
3. Marketplace Referral Fees: Referral commissions from marketplace partnerships for loans (small business, personal, student refinancing) and insurance products (life insurance through Ladder Life, Ethos, Atlanta Life)
4. Net Interest Margin: Interest earned on savings deposits and lending products through partner lenders

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Greenwood is a Black-founded, Black-led mobile financial platform that delivers FDIC-insured digital banking through Coastal Community Bank, including a no-hidden-fees spending account with a Greenwood Mastercard debit card, a 4.15% APY savings account, and a stocks-and-ETFs investment product custodied at DriveWealth. It monetizes via interchange, net interest margin, marketplace referral fees, and $200/month Premium Membership and Greenwood Elevate subscriptions that add card protections, concierge services, Priority Pass lounge access, and the Cash Back for Buying Black rewards program targeted at Black and Latino consumers.

Product overview

Greenwood is a Black-founded, Black-led mobile financial platform offering a unified banking and wealth-building ecosystem. The core platform consists of a Spending Account (FDIC-insured checking with Mastercard debit) and Savings Account (4.15% APY), augmented by an Invest module for stocks and ETFs custody through DriveWealth. The Greenwood Marketplace serves as the hub for complementary financial services including small business loans, personal loans, student loan refinancing, life insurance, and tax services through third-party partners. Premium tiers include the Premium Membership ($200/month) offering enhanced card protections and the Cash Back for Buying Black program (up to 10% rewards), while Greenwood Elevate ($200/month) adds lifestyle benefits including Priority Pass lounges, luxury travel perks, and exclusive events. Acquired brands The Gathering Spot and Valence expand community-building offerings. The platform's mission centers on recirculating the Black dollar and supporting wealth creation in the Black community, inspired by the historic Greenwood District of Tulsa.

Differentiator

Problem solved

Functional benefit

Brands

• Greenwood Marketplace: A marketplace platform connecting Black entrepreneurs with loans, consumers with cashback at Black-owned businesses, students with loan refinancing, and community organizations.
• Greenwood Premium Membership
• Cash Back for Buying Black
• Greenwood Gives Back
• Greenwood Elevate
• The Gathering Spot
• Valence

Products and services

• Greenwood Spending Account Digital checking account with FDIC-insured Mastercard debit card, no hidden fees, up to 2-day early pay for direct deposits, mobile check deposit, instant card deposits, money transfers, and Apple Pay/Google Pay integration for individual consumers.
• Greenwood Savings Account High-interest savings account offering 4.15% APY with no monthly fees and no minimum balance requirements, with interest accruing on deposits starting at $0.01 for individual savers.
• Greenwood Invest Investment platform enabling users to invest as little as $1 in publicly traded companies (including Black-owned publicly traded companies) and ETFs with no commissions or fees, with accounts held at DriveWealth LLC (SIPC-protected up to $500,000).
• Greenwood Premium Membership Premium subscription at $200/month providing enhanced Mastercard debit card benefits including extended purchase warranty, price drop protection, ID theft protection, emergency card replacement, cellular wireless protection, and access to the Cash Back for Buying Black program offering up to 10% cash back.
• Greenwood Elevate Premium lifestyle and professional development membership at $200/month featuring career advancement tools, exclusive invitation-only events (A3C Festival, golf experiences), luxury hotel bookings, Priority Pass airport lounge access at 1,200+ lounges, trip cancellation coverage up to $5,000/year, lost luggage insurance up to $3,000/year, 24/7 concierge service, purchase assurance, price drop protection, ID theft protection, and cellular wireless protection up to $500/year.
• Greenwood Marketplace Financial services marketplace connecting users to small business loans, personal loans, student loan refinancing, life insurance, tax filing services, and the Cash Back for Buying Black program through third-party partners including MoneyLion, Fiona, Ladder Life, Ethos, Atlanta Life, and TaxHub.
• Cash Back for Buying Black Rewards program exclusively for Greenwood Premium Members offering up to 10% cash back on in-store purchases at participating Black-owned businesses, initially launched in Atlanta.
• The Gathering Spot Black-owned private members club acquired by Greenwood offering community building and networking, featuring exclusive events, co-working spaces, and the 60,000-square-foot Retreat venue in Atlanta with a rooftop pool, restaurants, and community spaces.
• Valence Community platform acquired by Greenwood to enhance professional networking and connection tools for Black and Latino professionals.

Quantifiable outcome

• 4.15% APY on savings accounts with no minimum balance requirements
• +4 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

Feature5 records

Partnerships

Eleven partnerships are on record, tiered flagship, core and minor.

• The Gathering SpotflagshipStrategic or Co-development Partner · 1 December 2022Black-owned private members club acquired by Greenwood to expand community building capabilities. Launched new 60,000 sq ft venue 'The Retreat' in Atlanta featuring rooftop pool, co-working spaces, and restaurants.
• ValenceflagshipStrategic or Co-development Partner · 1 December 2022Acquired alongside The Gathering Spot to expand Greenwood's community and funding efforts, providing lifestyle and professional development services
• Coastal Community BankcoreTechnology or IntegrationFDIC-insured bank partner issuing Greenwood Mastercard debit cards. Banking services provided through pass-through insurance at Coastal Community Bank, Member FDIC. Greenwood is a financial technology company, not a bank.
• DriveWealthcoreTechnology or IntegrationSEC-registered broker-dealer and qualified custodian for Greenwood Investment Advisors accounts. Member SIPC and FINRA, providing SIPC insurance up to $500,000 for investment accounts.
• NAACPminorGTM or Marketing PartnerCharitable partner for Greenwood Gives Back Program round-up donations, alongside UNCF. Users can opt to donate rounded-up purchase amounts to NAACP.
• UNCF (United Negro College Fund)minorGTM or Marketing PartnerCharitable partner for Greenwood Gives Back Program round-up donations. Users can opt to donate rounded-up purchase amounts to support educational causes.
• MastercardcoreTechnology or IntegrationLicensor of Greenwood Debit Mastercard. Provides Zero Liability Policy coverage for U.S.-issued cards and global payment network infrastructure.
• Priority PasscoreGTM or Marketing PartnerAirport lounge access program with 1,200+ VIP lounges worldwide, included as benefit for Greenwood Elevate premium members.
• PGA TOURminorGTM or Marketing PartnerExclusive golf experiences and benefits provided to Elevate members through PGA TOUR partnership, accessible via Golf Concierge Service.
• MoneyLionminorGTM or Marketing PartnerPersonal loan partner featured on Greenwood Marketplace providing offers with no impact to credit
• FionaminorGTM or Marketing PartnerStudent loan refinancing partner on Greenwood Marketplace empowering the next generation

Scale indicators2 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Chime: Chime is the largest U.S. neobank offering fee-free spending accounts, high-yield savings, and early pay access — directly competing with Greenwood on core banking features (savings APY, no-fee debit, mobile-first experience) for the same broad consumer wallet.
• Current: Current is a U.S. neobank offering mobile checking, savings pods, and early pay — a direct functional peer to Greenwood that also reports continued losses, making it a useful comparable for unit economics and growth trajectory.
• Varo Bank: Varo is a nationally chartered digital bank offering fee-free checking, high-yield savings, and early pay — directly comparable to Greenwood as a U.S. neobank competitor that similarly continues to post losses.
• One Finance: One is a mobile-first neobank offering high-yield 'pockets' for saving, automated budgeting, and early pay — a closely matched functional peer to Greenwood's no-fee, high-APY savings and spending account bundle.

Broad incumbents

• SoFi: SoFi is a profitable broad financial services platform offering banking, lending, investing, and credit cards. It competes with Greenwood across deposit and investing products while operating at much greater scale.
• Cash App (Block): Cash App is a profitable mobile payments and banking platform reaching millions of U.S. consumers with spending, savings, investing, and Bitcoin features — a broader incumbent competitor for Greenwood's target demographic.
• LendingClub: LendingClub operates a digital banking and lending marketplace — comparable to Greenwood's marketplace lending partnerships and indicative of how neobanks expand into credit products over time.
• Wealthfront: Wealthfront is a leading automated investing and high-yield cash platform — a relevant comparator for Greenwood's Invest product (custodied at DriveWealth) and the company's premium-investor retention strategy.

Emerging players

• Step: Step is a mobile banking platform focused on financial inclusion for teens and young adults, with a strong Gen Z brand. It overlaps with Greenwood's financial inclusion mission while targeting a younger demographic.

Others

• Novant Health (community impact banking partnerships): While not a direct competitor, large health systems and other institutional partners that build financial wellness programs for underserved communities represent adjacent ecosystem participants whose mission-aligned partnerships could compete with or complement Greenwood's community model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/gogreenwood_
• Facebookfacebook.com/bankgreenwood
• Instagraminstagram.com/greenwood
• LinkedInlinkedin.com/company/gogreenwood

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors10 records

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

M&A

Investments

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

Frequently asked questions about Greenwood