# Greenwood

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/greenwood

- Industry: Financial Services
- Headquarters: Atlanta, US
- Website: www.gogreenwood.com/
- Total disclosed funding: $85M
- Latest round: Series B (Nov 29, 2022)
- Investors on record: 18

## About

Greenwood, Inc. is a financial technology company based in the US that provides an online platform for digital banking services tailored for the Black community, promoting financial empowerment and inclusion.Founded in 2020 and headquartered in Atlanta, US, Greenwood, Inc. focuses on offering mobile financial solutions. The company has successfully raised USD 45 mn in its latest funding round, a Series B completed on November 29, 2022, led by MarcyPen Capital Partners with participation from other notable investors. The firm was co-founded by Alexandra Grundmann, Nate Becker, and Viktori Simonishvili, with Alexandra serving as the CEO.Greenwood offers a mobile financial platform that provides digital checking and savings accounts designed specifically for the Black community. Their offerings include a Mastercard® debit card with no hidden fees, early paycheck access, and a high-interest savings account with an annual percentage yield (APY) of 4.15%. Users can invest in publicly traded companies and ETFs, starting with as little as USD 1, and engage in a 'roundup donations' program to support partner charities like the NAACP and UNCF.The company generates revenue through transaction fees from their debit card services and subscriptions for premium memberships. Users engaging with the Greenwood Mastercard® debit card can earn cash back rewards, enhancing user engagement. Subscription revenue primarily comes from the Greenwood Premium Membership, which provides additional features. Financial transactions are processed through Coastal Community Bank, ensuring FDIC insurance for client deposits, while investment services are managed by Greenwood Investment Advisors LLC.Following the Series B funding round completed on November 29, 2022, Greenwood, Inc. plans to utilize the raised USD 45 mn to develop tools and educational resources needed for Black and Latino communities. The company is expected to expand its product offerings and enhance its services, targeting new markets to reach a broader audience. Specific timelines for new product launches or geographic expansions have not been disclosed.

## Funding rounds

- Series B, Nov 29, 2022, $45M — PNC Financial Services Group, Bank of America, TTV Capital, Citi Ventures, NextEra Energy Partners, Truist Ventures, MarcyPen Capital Partners, FinTech Ventures, Cohen Circle, Cercano Management
- Series A, Mar 24, 2021, $40M — Lightspeed Venture Partners, Wells Fargo Bank, PNC Financial Services Group, Bank of America, TTV Capital, JP Morgan Asset Management, Mastercard International Incorporated, Visa Inc., SB Investment Advisers, FIS Ventures, Truist Ventures, Quality Ventures

## Investors

- Lightspeed Venture Partners (https://capitalatlas.ai/funds/lightspeed-venture-partners) — Series A
- Wells Fargo Bank — Series A
- PNC Financial Services Group — Series A, Series B
- Bank of America — Series A, Series B
- TTV Capital (https://capitalatlas.ai/funds/ttv-capital) — Series A, Series B
- JP Morgan Asset Management (https://capitalatlas.ai/funds/jp-morgan-asset-management) — Series A
- Mastercard International Incorporated — Series A
- Visa Inc. — Series A
- SB Investment Advisers (https://capitalatlas.ai/funds/sb-investment-advisers) — Series A
- FIS Ventures (https://capitalatlas.ai/funds/fis-ventures) — Series A
- Truist Ventures (https://capitalatlas.ai/funds/truist-ventures) — Series A, Series B
- Quality Ventures (https://capitalatlas.ai/funds/quality-ventures) — Series A
- Citi Ventures (https://capitalatlas.ai/funds/citi-ventures) — Series B
- NextEra Energy Partners — Series B
- MarcyPen Capital Partners (https://capitalatlas.ai/funds/marcypen-capital-partners) — Series B
- FinTech Ventures (https://capitalatlas.ai/funds/fintech-ventures) — Series B
- Cohen Circle (https://capitalatlas.ai/funds/cohen-circle) — Series B
- Cercano Management (https://capitalatlas.ai/funds/cercano-management) — Series B