Killer Mike's majority Black and Latin-American owned online bank already has 'tens of thousands' on the waiting list
Rapper Killer Mike. Jim Watson / AFP via Getty Images
A majority of Black and Latin American owned and operated digital banks have "tens of thousands" on their waiting list prior to opening in January, reported CNN Business.
The new bank, founded by Ryan Glover, the founder of Bounce TV, rapper "Killer Mike" and former Atlanta Mayor and US Ambassador to the United Nations, Andrew Young, is designed to help Black and Latin American communities do business in Support black ownership and black entrepreneurs.
In the past few months, companies like Square and Netflix have announced support initiatives for black financial institutions to help eradicate racial inequality.
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A majority of the black and Latin American online bank set to open in January already has "tens of thousands" on the waiting list looking for an account, CNN Business reported.
Greenwood is a digital bank founded by Ryan Glover, founder of Bounce TV, rapper "Killer Mike" and former Atlanta Mayor and US Ambassador to the UN Andrew Young, all day, every day, wherever black businesses thrived, "the website said.
The mission statement describes how the platform aims to "complement the current financial system [which] has failed black and Latin American communities".
Glover told CNN Business that while Greenwood has been in the works since early last year, George Floyd's assassination sparked nationwide movements against systemic racism, it also increased interest in the company.
Some of the largest corporations in the United States have announced support programs for black-owned financial institutions in recent months.
In September, Square, founded by Twitter CEO Jack Dorsey, invested $ 100 million to eradicate racial inequality in the financial industry. Square donated millions to fund black and minority financial institutions and banks. In July, Netflix transferred $ 100 million in cash reserves to minority-run financial institutions focused on black communities.
Investing in black-owned financial institutions could be an important step towards eliminating racial inequalities in the corporate world. Business Insider's Dominick Reuter previously reported, "As more depositors start holding money with illicit banks, these lenders can use their assets to raise more loans in the communities where they operate."
Black billionaire Robert F. Smith said in his keynote address at the Forbes 400 Summit on Philanthropy that "capital deprivation is one of the areas of major concern for empowering the African American community."
He added that "the first thing to do is put capital in these branch banks, to provide credit to these small businesses, to actually create an opportunity ... to propel it into these small businesses that have more than 60% of African Americans are employed. "
"To build wealth, you need bank capital," Glover told CNN Business. "We will identify skilled entrepreneurs, business owners and creatives to equip them with the capital they need to make their dreams come true."
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