The new Black-owned digital bank created by Bounce TV founder Ryan Glover and rapper/activist Killer Mike has hit a major milestone.
According to an email sent by Greenwood bank to its early account sign-ups, the bank has reached 100,000 sign-ups in less than a week.
“In less than a week, a record number of people have signed up on the waiting list for our digital banking platform. We appreciate you placing trust in Greenwood and inviting others to join the community. Thank you! Can’t say it enough. This milestone proves that there is a large demand for modern financial services that uniquely address the needs of Black and Latinx communities,” the email said.
The bank was official unveiled to the public on October 8 after raising more than $3 million in seed funding in June.
Although the bank isn’t scheduled to open until January 2021, the waiting list for those who want to open an account with Greenwood is growing rapidly.
Greenwood will be a digital bank, which means all its services will be fulfilled entirely online. Their services will include checking and savings accounts, mobile deposits, and peer-to-peer transfers.
The bank will also offer a global ATM network and two-day advances on paychecks for customers who sign up for direct deposit.
Supporting Black-owned businesses is more important than ever before considering the huge amount of Black businesses wiped out due to the coronavirus pandemic this year.
A report released by the Federal Reserve Bank of New York estimated that more than 40% of the Black-owned businesses in the United States were shut down by April of this year.
One of the major reasons Black businesses don’t have the capital needed to sustain them in harsh times is less access to business loans than their white counterparts.
Glover says Greenwood bank will specialize in financing Black and Latinx entrepreneurs who typically have a harder time securing loans from mainstream commercial banks
“In order to build wealth, you need bank capital,” Glover said. “We will identify qualified entrepreneurs, business owners, and creatives to equip them with the capital needed to make their dreams a reality.”