Killer Mike, former Atlanta mayor Andrew Young and Bounce TV founder Ryan Glover launch a digital bank.
A group of Black Atlanta businessmen, politicians and entertainers — including former Atlanta Mayor Andrew Young, the entertainer Michael Render (better known as Killer Mike) and Bounce TV founder Ryan Glover — have launched a new digital bank focused on developing and promoting local communities and cultivating Black and Latinx entrepreneurs and small businesses.
Named Greenwood in an homage to the thriving Tulsa, Oklahoma, business community known as “Black Wall Street” that was destroyed by white rioters in 1921, the digital bank has several features designed to promote social causes and organizations for the Black and Latinx community.
For every sign-up to the bank, Greenwood will donate the equivalent of five free meals to an organization addressing food insecurity. And every time a customer uses a Greenwood debit card, the bank will make a donation to either the United Negro College Fund, Goodr (an organization that addresses food insecurity) or the National Association for the Advancement of Colored People.
In addition, each month the bank will provide a $10,000 grant to a Black or Latinx small business owner that uses the company’s financial services.
For Render, the decision to launch a new digital bank alongside Young and Glover was a way to link Atlanta’s well-established, centuries-old Black business community with the technologies that are redefining wealth and creating new opportunities in the twenty-first century. It was also a way to equip a new generation with financial tools that could empower them instead of undermine them.
“What I have learned about capitalism is that you’re either going to be a participant in it or a victim of it,” said Render. “The ultimate protest is focusing your dollar like a weapon.”
Young, who is also the U.S. ambassador to the United Nations, had seen the ways digital banking technologies were transforming the social order in countries like India — reducing the power of payday lenders and providing greater economic access — and wanted to bring those opportunities to communities in the U.S.
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