In third quarter of 2020, just 31 startups with black founders received venture capital out of 1,383 deals. This represents a 2% inclusion rate, despite blacks making up 15% of the U.S. population. To help address this problem, Atlanta-based rapper Michael "Killer Mike" Render, in partnership with former Atlanta mayor, Andrew J. Young, and Bounce TV network boss Ryan Glover, have launched a digital banking platform, Greenwood, exclusively for the black and latinx community. Their new banking platform has already raised $3 million in seed funding. Greenwood is named after the 35-city block district of Greenwood District near Tulsa, Oklahoma, known commonly as the “Black Wall Street" at the time, which was home to more than 300 black-owned stores and businesses before June 1, 1921, when the entire city was rioted, burned, and destroyed by a white mob. The new banking initiative hopes to reclaim respect for the Greenwood district. They will provide peer-to-peer transfers, free ATM usage in over 30,000 locations, and other low-fee financial services with a focus on Black and latinx entrepreneurs. "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," said Glover, "In order to build wealth, you need bank capital, and it’s no secret traditional banks have failed our black and latinx community." Greenwood will give $10,000 grants to black and latinx small business owners on a monthly basis and offer free meals to any family that signs up. Every use of a Greenwood debit card will result in a donation to the United Negro College Fund, Goodr and the NAACP.

Uproxx (Oct 10)