Greenwood, the digital banking platform for Black and Latino individuals and businesses, today announced its acquisition of Kinly, a digitally native neobank building generational wealth for Black America and its allies, bringing the two largest fintechs focused on the Black community together as one company. The acquisition will help grow Greenwood’s ecosystem of over one million members and provide Kinly’s community of over 300,000 with priority access to Greenwood’s unique, comprehensive financial product that emphasizes community building and wealth creation for Black and brown people.
Since its launch in 2020, Kinly has raised $20 million in funding from key investors like Forerunner Ventures, Point72 Ventures, Anthemis, and Kapor Capital to improve the financial outcomes of Black America and allies through financial education, saving and wealth building. Over the last three years, Kinly has helped its growing community of members manage their day-to-day finances by offering early access to direct deposit funds, cash back rewards, and overdraft protections.
“Kinly has always shared in our commitment to building a more transparent banking experience for Black Americans,” said Ryan Glover, CEO and co-founder of Greenwood. “The acquisition of Kinly represents a massive milestone for Greenwood as we continue in our shared effort to elevate financial tools available for our community. In partnership with Donald Hawkins from Kinly, we plan to grow our footprint and expand our services to provide best-in-class experiences for Black and brown families and businesses.”
As part of the acquisition, Donald Hawkins, founder and CEO of Kinly, 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.
“Kinly’s mission of financial empowerment and…
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