Killer Mike launches banking platform for Black and Latinx customers
Killer Mike has created a new digital banking platform that focuses on the Black and Latinx community. He announced on Friday that he partnered with former Atlanta mayor, Andrew J. Young, and the founder of the Bounce TV network, Ryan Glover, to create the Greenwood online banking service.
“Today, a dollar circulates for 20 days in the white community but only six hours in the Black community,” the Atlanta rapper and political activist stated in a press release. “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 bank’s name is derived from the Greenwood neighborhood in Tulsa, Oklahoma. In the early 1900s, this area became known as Black Wall Street because it was home to a thriving community of wealthy Black entrepreneurs. The community was eventually burned down by an angry white mob in 1921.
The new company, Greenwood, aims to fill a hole in the market with a digital bank aimed at Black people and Latinos backed by the Federal Deposit Insurance Corporation (FDIC). Greenwood will offer savings and spending accounts, along with black metal debit cards to customers that sign up by the end of 2020.
The bank is also compatible with Apple, Samsung, and Android pay features, has mobile check deposits, peer-to-peer transfers, virtual debit cards, and free ATM usage in over 30,000 locations.
Greenwood is also giving back by donating five free meals to a family in need for every new customer that joins the bank. Also, every use of a Greenwood debit card will result in a donation to the United Negro College Fund, Goodr, and the NAACP as well as give out a monthly $10,000 grant to different Black or Latinx customers who own small businesses.
The Atlanta bank begins accepting account applications Thursday via mobile phone app and website, though services won’t be available until next year.