" class="no-js "lang="en-US"> Greenwood Aquires Neobank Kinly
Wednesday, May 29, 2024

Greenwood Merges with Neobank Kinly to Empower Black and Latino Communities

Greenwood, a digital banking platform catering to Black and Latino individuals and businesses, has announced the acquisition of Kinly, a neobank focused on building generational wealth for Black America and its allies. This merger brings together the two largest fintech companies dedicated to the Black community, aiming to expand Greenwood’s ecosystem of over one million members and provide Kinly’s community of over 300,000 with priority access to Greenwood’s comprehensive financial products.

Since its inception in 2020, Kinly has raised $20 million from investors like Forerunner Ventures, Point72 Ventures, Anthemis, and Kapor Capital to enhance the financial outcomes of Black America through financial education, saving, and wealth building. Kinly’s growing community has benefited from services such as early access to direct deposit funds, cash back rewards, and overdraft protections.

“Kinly has always shared in our commitment to building a more transparent banking experience for Black Americans,” commented Ryan Glover, CEO and co-founder of Greenwood. He added that the acquisition of Kinly signifies a significant milestone for Greenwood as they continue to provide better financial tools for their community. In collaboration with Kinly’s Donald Hawkins, Greenwood plans to expand their services and create superior experiences for Black and brown families and businesses.

Donald Hawkins, founder and CEO of Kinly, will join Greenwood’s executive management team as Vice President, supporting key strategic initiatives in financial services and other areas to advance economic empowerment, consumer-focused innovation, and local Atlanta entrepreneurship. Hawkins said, “The needs of our communities are many, and I couldn’t be more excited to combine efforts with Greenwood to create lasting generational change.”

Greenwood’s acquisition of Kinly marks the company’s third acquisition in the past year, emphasizing its ongoing expansion plans to provide best-in-class offerings for its members. Greenwood has also acquired The Gathering Spot, A3C, and Valence in 2022, granting members access to additional professional services, networking opportunities, and cultural experiences. The company has also launched Elevate, a premium lifestyle product exclusive to Greenwood members.

Paul Judge, Board member at Greenwood, expressed pride in having two Black-owned companies on both sides of an M&A transaction. He said, “This shows the power of collaboration within the community. It is often said that if you want to go far, go together. This collaboration is a stellar example of that belief. We welcome Donald and Kinly to the Greenwood family.”

 

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