Greenwood, a digital banking startup catering to Black and Latino individuals and business owners, has acquired fellow neobank Kinly, uniting the two leading fintechs focused on the Black community under one umbrella.
This acquisition comes after Greenwood secured a $45 million funding round in November, adding 300,000 new customers to its existing one million. Since its inception in 2020, Kinly has raised $20 million from prominent investors such as Forerunner Ventures, Point72 Ventures, Anthemis, and Kapor Capital, with the aim of enhancing financial outcomes for Black Americans through education, savings, and wealth-building initiatives.
As part of the transition, Kinly’s founder and CEO, Donald Hawkins, will join Greenwood’s executive management team in the role of vice president.
“Kinly has always shared in our commitment to building a more transparent banking experience for Black Americans,” stated Ryan Glover, CEO and co-founder of Greenwood. “The acquisition represents a significant milestone for us as we continue to elevate the financial tools available to our community. In collaboration with Donald Hawkins from Kinly, we plan to expand our reach and enhance our services, providing best-in-class experiences for Black and brown families and businesses.”
This announcement follows Greenwood’s recent decision to close its waitlist and officially launch services for the general public. It marks the company’s third acquisition in the past year, having previously acquired The Gathering Spot, A3C, and Valence to broaden its offerings and networking opportunities. Greenwood has also introduced Elevate, a premium lifestyle product designed exclusively for its members.