Digital banking platform Greenwood, which offers financial services for Black and Latino individuals and business owners, announced that it has officially acquired The Gathering Spot, a private membership network hub and workspace for the Black community. This acquisition makes the company the largest fintech and community platform with over one million people nationwide with accessible clubs in Atlanta, Washington, and Los Angeles.
The Gathering Spot’s Co-Founder and CEO Ryan Wilson will continue in his current role while also taking on a new role as Chief Community Officer of Greenwood. TK Petersen, co-founder, and COO of The Gathering Spot will continue in that role and was appointed as a Vice President at Greenwood. “Joining with Greenwood is a commitment to our community, and we share Greenwood’s vision is empowering people and helping them to build opportunity and generational wealth,” Wilson shared in his statement on the acquisition.
Greenwood, which was founded by Andrew Young, Ryan Glover, and rapper Killer Mike, and The Gathering Spot has the same mission in mind and that is to support financial freedom to encourage entrepreneurship, group economics, and wealth-building throughout the Black community. The Gathering Spot offers direct access to a premier network of professionals, who have expertise in entrepreneurship through curated experiences and concierge services. What makes the acquisition so monumental is that the intent is to empower minorities to seek obtainable knowledge on skills that provide entrepreneurial success, financial freedom, and ultimate wealth building.
With Greenwood serving well over tens of thousands of account holders combined with The Gathering Spot’s 12,000 diverse members of entrepreneurs, entertainers, and more there is even more room for those numbers to grow in the immediate future. With leaders from such diverse companies including the NAACP, Revolt, Apple, and Trust along with many others, it was a no-brainer for Greenwood to acquire such a company as The Gathering Spot.
With the two Black-owned companies coming together, “it brings a new meaning to the term black-on-black,” according to Board Member Paul Judge of Greenwood. Minorities continue to deal with a lack of financial inclusion and tools; however, Greenwood and The Gathering Spot have the power to change that by continuing to lead conversations on accessing capital and the power that minorities have to change that hard truth. The moment will collectively expand the power of minorities to positively impact the wealth gap and Co-founder & Chairman Ryan Glover at Greenwood couldn’t be more excited.
Photo Credit: Greenwood