How Killer Mike’s Greenwood Will Transform Banking For Black And Latinx Communities

Killer Mike has always stepped up to the plate to uplift Black businesses, specifically in building a Black economy that will cultivate and empower the community. 

He co-owns two shops, Graffitis Swag Shop and The SWAG Shop, in Atlanta and his Netflix
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series Trigger Warning With Killer Mike focused on different socio-political matters, including race, sovereignty, white gang privilege and new ideologies surrounding religion and a “New America.”

Most recently, the rapper-activist announced that he was teaming up with Bounce TV founder Ryan Glover to launch Greenwood, a Black-owned and operated digital banking platform. The banking service, which includes leadership from former Atlanta Mayor Andrew Young, aims at providing an accessible way to support Black-owned banks and businesses for consumers. 

The groundbreaking platform was announced on Thursday after the company secured more than $3 million in seed funding in June, according to CNN. 

“It’s no secret that traditional banks have failed the Black and Latinx community,” said founder and chairman Ryan Glover.  “We needed to create a new financial platform that understands our history and our needs going forward, a banking platform built by us and for us, a platform that helps us build a stronger future for our communities. This is our time to take back control of our lives and our financial future. That is why we launched Greenwood, modern banking for the culture.”

Inspired by the early 1900s when Black wealth was recirculated in the Greenwood District (Tulsa, Oklahoma), the bank pays homage to “Black Wall Street,” which was referred to as a “symbol of the economic potential of community solidity,” according to an official press release. In 1921, a white mob burned down the district — now known as the Black Wall Street Massacre.

Some ways the digital platform plans to contribute to the community with their Give Back Program includes: Provide 5 meals to a food insecure family when an account is opened, give $10,000 every month to a Black or Latinx business and round up spare change to support HBCUs, UNCF, Goodr, NAACP or to fight hunger.

The bank opens in January, but since the announcement, thousands have already flocked to their website to join the bank’s waiting list, proving the market’s demand for a bank that is inclusive of Black and Latinx communities.

When attempting to register for the bank’s waiting list, the number was in the 70,000 range. There’s no confirmation as to whether that’s an accurate total figure of sign-ups for the platform, but Glover told CNN Business that Greenwood was in “the tens of thousands” range within a 24-hour span.

“Today, a dollar circulates for 20 days in the white community, but only six hours in the Black community,” Mike said in a previous, official press release announcing the bank. “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.”

Greenwood is offering savings and checking accounts to customers that sign-up before the year ends, and is compatible with various payment systems, including Apple
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, Android, Samsung as well as features mobile check deposits, peer-to-peer transfers, virtual debit cards, among other features.