Greenwood, a digital banking platform catering to Black and Latino individuals and businesses in the US, has acquired Kinly, a neobank focused on improving the financial lives of Black people. This acquisition will enable Greenwood to expand its customer base and offer Kinly’s customers access to its financial products.
Facts
- Greenwood, a digital banking platform for Black and Latino individuals and businesses, has acquired Kinly, a neobank.
- Kinly, launched in 2020, provides financial education, spend management, and wealth building services to help improve the financial lives of Black people in America.
- Kinly has raised $20 million in funding from Forerunner Ventures, Point72 Ventures, Anthemis, and Kapor Capital.
- Greenwood aims to grow its ecosystem of over one million customers with the acquisition of Kinly.
- Kinly’s customer base of 300,000 will gain access to Greenwood’s financial products.
- Donald Hawkins, founder and CEO of Kinly, will join Greenwood’s executive management team as a vice president.
- This acquisition marks Greenwood’s third in the past year, following a $45 million funding round that brought its total capital raise to $88 million to date.
