Atlanta rapper Michael “Killer Mike” Render has teamed up with former U.S. Ambassador Andrew Young and Ryan Glover, founder of Bounce TV network, to launch Greenwood, the first digital banking platform for Black and Latinx individuals and business owners.
Though the bank will not open until January 2021, Greenwood has secured $3 million in seed funding from private investors and thousands of requests to open accounts after the company launched its website on Thursday, Oct. 9.
"Today, a dollar circulates for 20 days in the white community but only six hours in the Black community," Render said. "Moreover, a Black person is twice as likely as a white person to be denied a mortgage. This lack of fairness in the financial system is why we created Greenwood."
The Greenwood name pays homage to the prosperous "Black Wall Street," part of the Greenwood District of Tulsa, Oklahoma, during the early 20th Century -- a center of African American enterprise, entertainment, skills, wealth and investment capital.
Though it was destroyed by white mobs in 1921, the Greenwood District remains an enduring symbol of the economic potential