CORRECTING and REPLACING Greenwood Raises $45 Million Funding Spherical Led by Pendulum and Proclaims Elevate, a New Profession and Life-style Membership

ATLANTA–(BUSINESS WIRE)–First paragraph, fourth sentence of the discharge dated November 29, 2022 ought to learn: Different new traders on this spherical embrace Cercano Administration, Cohen Circle and The George Kaiser Household Basis.

The up to date launch reads:

GREENWOOD RAISES $45 MILLION FUNDING ROUND LED BY PENDULUM AND ANNOUNCES ELEVATE, A NEW CAREER AND LIFESTYLE MEMBERSHIP

Platform for Black and Latino Banking Providers Broadens its Providing with Elevate Membership targeted on Profession and Life-style Advantages

Greenwood, the digital banking platform for Black and Latino people and companies, as we speak introduced it has closed a $45 million funding spherical led by Pendulum, a strategic development investing and advisory platform designed for founders and leaders of colour. With this funding, Pendulum turns into the most important investor in Greenwood on a greenback foundation. This funding demonstrates the facility of the Black entrepreneurial ecosystem with the spherical being led by Pendulum and following Greenwood’s current acquisitions of Black-founded The Gathering Spot and Valence. Different new traders on this spherical embrace Cercano Administration, Cohen Circle and The George Kaiser Household Basis. Current traders Financial institution of America, Citi Ventures, PNC, Widespread, Truist Ventures, TTV Capital, and Wells Fargo additionally invested on this spherical.

The funding will speed up Greenwood’s imaginative and prescient of closing the racial wealth hole and offering the instruments and schooling wanted to empower the Black and Latino communities to construct generational wealth. Greenwood’s mixed group throughout Greenwood, The Gathering Spot, A3C and Valence is over 1 million individuals and Greenwood’s banking platform already has greater than 100,000 prospects.

“This funding and our new partnership with Pendulum exhibit the facility of the Black ecosystem and that if you Select Black, you’ll not be underserved,” says Ryan Glover, Greenwood’s Chairman who co-founded Greenwood alongside Dr. Paul Choose, Civil Rights chief Andrew J. Younger, and rapper and activist Michael “Killer Mike” Render. “Our imaginative and prescient is to make Greenwood the premier vacation spot for Black and Latino wealth creation and regeneration whereas retaining group connection and collective skilled development on the heart.”

Greenwood as we speak additionally proclaims Elevate, a brand new membership to offer an all-access move to take your profession and life-style to the subsequent stage. The brand new Elevate membership providing is the end result of Greenwood’s acquisitions of The Gathering Spot and Valence earlier this 12 months. Elevate gives entry to The Gathering Spot’s personal membership community with bodily clubhouses in Atlanta, Washington D.C., and Los Angeles, and to Valence’s skilled networking platform and entry to tens of 1000’s of job listings via the recruiting database. Elevate additionally unlocks a spread of invitation-only occasions and experiences, together with A3C Festival – one of many nation’s premier music, tech, and tradition festivals which is held yearly in Atlanta. Elevate contains different advantages similar to luxurious journey facilities, entry to Precedence Go lounges, and concierge companies.

Black households held simply 4 % of whole family wealth within the U.S. based on Brookings in 2020, despite the fact that Blacks make up over 13% of the U.S. inhabitants. Greenwood seeks to vary this actuality and help monetary freedom via group constructing, profession development, and monetary companies.

“Greenwood is poised to create new outcomes and equip our communities with the assets they’ve been systemically excluded from within the pursuit of financial alternative,” says Robbie Robinson, Co-Founder and CEO of Pendulum. “My spouse and co-founder D’Rita and I, together with our staff, are thrilled to associate with Greenwood to speed up its mission and ship its rising product providing to its constituency throughout the nation. I additionally couldn’t be prouder of the truth that the co-founders of each Pendulum and Greenwood are alumni of HBCUs, together with Morehouse, Spelman, and Howard, showcasing the facility of our distinctive collegiate community.”

About Greenwood

Greenwood is the digital banking platform for Black and Latino people and companies. Greenwood’s mission is to help monetary freedom for minorities via group constructing, profession development, and monetary companies. Greenwood’s flagship product is a best-in-class digital banking service offered by partnering with FDIC-insured banks. Greenwood Inc, contains The Gathering Spot, a personal membership community and Valence, the profession improvement and job recruiting platform. The mixed group has over 1 million individuals. Greenwood’s founders embrace Civil Rights chief Andrew J. Younger and Ryan Glover, founding father of the Bounce TV Community. Greenwood has raised funding from six of the most important banks together with Citi, JPMorgan Chase, PNC and Truist in addition to different corporations together with Pendulum, TTV Capital, Mastercard, and Visa.

About Pendulum

Pendulum is a strategic funding and advisory platform. Based in 2019 by D’Rita and Robbie Robinson, Pendulum reimagines how nice corporations and types are constructed–and who will get to construct them. Via its funding arm, Pendulum Alternatives, and strategic advising arm, Pendulum Companions, the agency seeks to speed up alternative and worth creation for founders and leaders of colour. Pendulum Alternatives invests in momentum constructing companies assembly the evolving expectations of a values-driven client. For extra info, go to pendulumholdings.com.