ATLANTA--(BUSINESS WIRE)--First paragraph, fourth sentence of the release dated November 29, 2022 should read: Other new investors in this round include Cercano Management, Cohen Circle and The George Kaiser Family Foundation.
The updated release reads:
GREENWOOD RAISES $45 MILLION FUNDING ROUND LED BY PENDULUM AND ANNOUNCES ELEVATE, A NEW CAREER AND LIFESTYLE MEMBERSHIP
Platform for Black and Latino Banking Services Broadens its Offering with Elevate Membership focused on Career and Lifestyle Benefits
Greenwood, the digital banking platform for Black and Latino individuals and businesses, today announced it has closed a $45 million investment round led by Pendulum, a strategic growth investing and advisory platform designed for founders and leaders of color. With this investment, Pendulum becomes the largest investor in Greenwood on a dollar basis. This investment demonstrates the power of the Black entrepreneurial ecosystem with the round being led by Pendulum and following Greenwood’s recent acquisitions of Black-founded The Gathering Spot and Valence. Other new investors in this round include Cercano Management, Cohen Circle and The George Kaiser Family Foundation. Existing investors Bank of America, Citi Ventures, PNC, Popular, Truist Ventures, TTV Capital, and Wells Fargo also invested in this round.
The funding will accelerate Greenwood’s vision of closing the racial wealth gap and providing the tools and education needed to empower the Black and Latino communities to build generational wealth. Greenwood’s combined community across Greenwood, The Gathering Spot, A3C and Valence is over 1 million people and Greenwood’s banking platform already has more than 100,000 customers.
“This investment and our new partnership with Pendulum demonstrate the power of the Black ecosystem and that when you Choose Black, you will not be underserved,” says Ryan Glover, Greenwood’s Chairman who co-founded Greenwood alongside Dr. Paul Judge, Civil Rights leader Andrew J. Young, and rapper and activist Michael “Killer Mike” Render. “Our vision is to make Greenwood the premier destination for Black and Latino wealth creation and regeneration while keeping community connection and collective professional advancement at the center.”
Greenwood today also announces Elevate, a new membership to provide an all-access pass to take your career and lifestyle to the next level. The new Elevate membership offering is the culmination of Greenwood’s acquisitions of The Gathering Spot and Valence earlier this year. Elevate provides access to The Gathering Spot’s private membership network with physical clubhouses in Atlanta, Washington D.C., and Los Angeles, and to Valence’s professional networking platform and access to tens of thousands of job listings through the recruiting database. Elevate also unlocks a range of invitation-only events and experiences, including A3C Festival – one of the country’s premier music, tech, and culture festivals which is held annually in Atlanta. Elevate includes other benefits such as luxury travel amenities, access to Priority Pass lounges, and concierge services.
Black households held just 4 percent of total household wealth in the U.S. according to Brookings in 2020, even though Blacks make up over 13% of the U.S. population. Greenwood seeks to change this reality and support financial freedom through community building, career advancement, and financial services.
“Greenwood is poised to create new outcomes and equip our communities with the resources they have been systemically excluded from in the pursuit of economic opportunity,” says Robbie Robinson, Co-Founder and CEO of Pendulum. “My wife and co-founder D’Rita and I, along with our team, are thrilled to partner with Greenwood to accelerate its mission and deliver its growing product offering to its constituency across the country. I also couldn’t be prouder of the fact that the co-founders of both Pendulum and Greenwood are alumni of HBCUs, including Morehouse, Spelman, and Howard, showcasing the power of our unique collegiate network.”
Greenwood is the digital banking platform for Black and Latino individuals and businesses. Greenwood’s mission is to support financial freedom for minorities through community building, career advancement, and financial services. Greenwood’s flagship product is a best-in-class digital banking service provided by partnering with FDIC-insured banks. Greenwood Inc, includes The Gathering Spot, a private membership network and Valence, the career development and job recruiting platform. The combined community has over 1 million people. Greenwood’s founders include Civil Rights leader Andrew J. Young and Ryan Glover, founder of the Bounce TV Network. Greenwood has raised funding from six of the largest banks including Citi, JPMorgan Chase, PNC and Truist as well as other companies including Pendulum, TTV Capital, Mastercard, and Visa.
Pendulum is a strategic investment and advisory platform. Founded in 2019 by D'Rita and Robbie Robinson, Pendulum reimagines how great companies and brands are built–and who gets to build them. Through its investment arm, Pendulum Opportunities, and strategic advising arm, Pendulum Partners, the firm seeks to accelerate opportunity and value creation for founders and leaders of color. Pendulum Opportunities invests in momentum building businesses meeting the evolving expectations of a values-driven consumer. For more information, visit pendulumholdings.com.