Greenwood, an Atlanta, GA-based provider of a digital banking platform, acquired Kinly, a USA based digitally native neobank.
The amount of the deal was not disclosed.
With the acquisition, Greenwood will grow its ecosystem of over one million members and provide Kinly’s community of over 300,000 with priority access to its comprehensive financial product.
Led by CEO Ryan Glover, Greenwood is a digital banking platform for Black and Latino individuals and businesses. It works to support financial freedom for minorities through community building, career advancement, and financial services. Its flagship product is a digital banking service provided by partnering with FDIC-insured banks. The company includes The Gathering Spot, a private membership network and Valence, the career development and job recruiting platform.
Led by Donald Hawkins, founder and CEO, Kinly is a financial services company developing a platform focused on improving financial livelihood through financial education, Black-focused spending, and wealth building. The company helps members manage their money and develop positive financial behaviors to reach goals and realize dreams.
Since its launch in 2020, Kinly has raised $20m in funding from key investors like Forerunner Ventures, Point72 Ventures, Anthemis, and Kapor Capital.
As part of the acquisition, Mr Hawkins will join the Greenwood executive management team as a Vice President to support key strategic initiatives in financial services and other areas with the goal of advancing economic empowerment, consumer-focused innovation, and local Atlanta-entrepreneurship.
FinSMEs
03/05/2023