When Michael Render, also known as Killer Mike, co-founded Greenwood with former Atlanta mayor Andrew Young and businessman Ryan Glover last year, they did it with the African-American community in mind. The Black-owned online banking system developed “by us, for us” is now partnering with Mastercard to create a Greenwood debit card after only being in business for six months.
The financial institution is described as “the first digital banking platform for Black and Latino people and business owners.”
Greenwood took off last October after receiving $3 million in funding from private investors. The online banking platform offers a standard spending and savings account and mobile pay features, mobile check deposits and peer-to-peer transfers. On April 20, Greenwood announced that it would add Mastercard debit card products to its lineup.
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Greenwood’s first debit card will come in a matte black finish and allow users to have an extra level of security through the Enhanced Mastercard® debit program. Members will be protected against identity theft and have access to credit monitoring and emergency card replacement should one lose their debit card.
Members can also upgrade to a Greenwood Platinum membership, which features a metal-colored Greenwood World Debit Mastercard® and includes Identity Fraud Expense Reimbursement® insurance, luxury travel services, discounts on private golf lessons, and other exclusive benefits.
According to Mastercard’s press release, Greenwood and Mastercard are also partnering to bring “unique financial educational tools to the market” and help to close the racial wealth gap. They plan to release a daily podcast this summer that will cover banking, homeownership, wealth creation and more.
“As Greenwood works toward bringing practical products to market this summer, it’s encouraging to know that Mastercard is aligned with our mission of economic empowerment for people of color,” Glover said in the release, who is also a Chairman for the online banking platform.
“Mastercard’s desire to partner with us to produce content that will speak directly to our community while also providing access to the exclusive World Debit program means Greenwood customers will get a best-in-class product and the tools to grow wealth. Both of these benefits map directly to our mission.”