Atlanta-based Greenwood, a digital banking startup designed for Black and Latino consumers and businesses, said on Thursday that it had raised $40 million from a host of U.S. financial institutions.
They included Truist Financial Corp, JPMorgan Chase & Co, Bank of America Corp , Wells Fargo & Co and Citigroup Inc.
The startup will use the cash injection to build the business, with plans to launch its first products this summer, Ryan Glover, Greenwood’s Chairman and co-founder said in an interview.
PNC Financial Services Group Inc, Mastercard Inc, Visa Inc, FIS, Banco Popular, as well as several venture capital firms such as SoftBank’s Opportunity Fund, also participated in the round.
First announced in October, Greenwood was created to provide online banking services to help close the wealth gap faced by Black and Latino communities in the United States. It plans to offer services such as non-predatory loans, as well as the ability for customers to round up purchases and donate what they save to organizations aimed at advancing their communities.