Greenwood Moves To Tulsa, Launches New Programs To Grow Black Wealth

Greenwood, a digitally native financial platform, is relocating its headquarters to Tulsa and launching two new programs aimed at building wealth within the Black community. These initiatives come on the heels of Seattle-based tech veteran Dave Cotter‘s appointment as CEO.

The new programs include the Cash Back for Buying Black™ program for Greenwood Premium Members and a new partner marketplace connecting Black communities with third-party loan providers and financial resources for Black entrepreneurs and families.

A New Chapter with CEO Dave Cotter

Greenwood was founded in 2020 by activist and rapper Michael “Killer Mike” Render, former Atlanta Mayor Andrew Young, entrepreneur Paul Judge, and media executive Ryan Glover as a digital banking platform focused on closing the racial wealth gap. The company was inspired by Tulsa’s historic Greenwood District, known as “Black Wall Street,” which was destroyed by a white mob in 1921.

In 2022, Greenwood acquired Atlanta-based networking and coworking hub The Gathering Spot. However, the two companies parted ways in 2023 after a turbulent year, although Greenwood remains an investor.

Now, the company is led by Dave Cotter. “When I told my dad about my new role, his eyes lit up! He said, “The name Greenwood is more than a town; it’s a symbol of what’s possible and the resilience of our community. Lace ‘em up. Let’s go,” he wrote in a blog post.

Under Cotter’s leadership, Greenwood is now moving its headquarters from Atlanta to Tulsa. “That’s the legacy that this company was built on, and that legacy should be cemented, and it should be more than marketing. It should be substance,” Cotter told the Atlanta Journal-Constitution.

New Programs to Empower Black-Owned Businesses

On March 24, Greenwood announced it is launching a new cash-back program for its Premium Members, rewarding them up to 10% cash back when purchasing in-story at specific businesses. The initiative is being trialed in Atlanta with shops like Café Boutique, Kitchen Cray, and The Hidden Gym.

It is also launching a partner marketplace that connects Black entrepreneurs with third-party loan providers. The marketplace will give families access to life insurance options, student loan refinancing, and personal loans for daily needs. It is open to everyone in the community.

These initiatives aim to build revenue for local businesses while creating new community connections by helping consumers discover and support Black-owned businesses. McKinsey & Company found that Black consumers’ collective economic power is set to expand dramatically, from about $910 Billion in consumption in 2019 to $1.7 trillion (in nominal dollars) in 2030.

But, yet Black businesses are still in the minority; only 22.2% of companies in the US are owned by Black folks. Greenwood’s new programs will support Black businesses whilst building wealth in the Black community.

Image: Greenwood