Killer Mike launches new banking platform for Black and Latinx users
by: Jessica Mao
Oct 13, 2020
Killer Mike has joined forces with Bounce TV founder Ryan Glover to launch a new banking platform, Greenwood. Named after the Greenwood neighborhood in Tulsa, Oklahoma, the business pays homage to the area known as “Black Wall Street” in its mission to empower Black and Latinx communities and close the gap of racial inequity in the financial system. Having been in the works for more than a year-and-a-half, the project gained increased attention after the death of George Floyd.
“Today, a dollar circulates for 20 days in the white community but only six hours in the Black community. 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,” Killer Mike stated in a press release.
Greenwood’s services include offering checking and savings accounts to users who sign up before the end of the year, mobile deposits and peer-to-peer transfers, a global ATM network, and more. Their priority will center on identifying “qualified entrepreneurs, business owners and creatives” and offering financing for Black and Latinx customers who have difficulty obtaining loans from traditional banks.
The platform has also pledged initiatives such as donating five free meals to a family for every new sign-up and donating to the United Negro College Fund, Goodr, and NAACP for every debit card swiped. Greenwood will disburse $10,000 across Black and Latinx small business owners monthly. Greenwood will officially launch in January 2021.
H/T: Billboard
Featured image: Paras Griffin/Getty Images
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