In a move aimed at building generational wealth for minorities, Greenwood has made its third acquisition over the last year.
According to a press release shared with AfroTech, Greenwood has acquired Kinly, a neobanking startup that previously raised $20 million from investors including Forerunner Ventures, Point72 Ventures, Anthemis, Kapor Capital, Gabrielle Union and Kevin Durant.
Both companies are excited about reaching more Black and brown communities to improve their financial health.
“Kinly has always shared in our commitment to building a more transparent banking experience for Black Americans,” Ryan Glover, CEO and co-founder of Greenwood, said in a news release. “The acquisition of Kinly represents a massive milestone for Greenwood as we continue in our shared effort to elevate financial tools available for our community. In partnership with the Kinly team, we plan to grow our footprint and expand our services to provide best-in-class experiences for Black and brown families and businesses.”
As a result of the acquisition, more than 300,000 Kinly users will have access to Greenwood’s fintech products, adding to its already existing one million.
In addition, Donald Hawkins, founder and CEO of Kinly, will join Greenwood’s executive management team as vice president.
Hawkins’ responsibilities will include assisting key strategic initiatives in financial services among other goals rooted in consumer-driven innovation, financial empowerment, and local business in the Atlanta, GA, area.
“Kinly’s mission of financial empowerment and wealth-building stems from lessons learned from Black America’s history,” Hawkins said, according to the news release. “The needs of our communities are many, and I couldn’t be more excited to combine efforts with Greenwood to create lasting generational change.”
Paul Judge, a board member at Greenwood, said, “It is another proud moment to again have two Black-owned companies on both sides of an M&A transaction. This shows the power of collaboration within the community. It is often said that if you want to go far, go together. This collaboration is a stellar example of that belief. We welcome Donald and Kinly to the Greenwood family.”
As aforementioned, this marks Greenwood’s third acquisition over the last year.
As Afrotech previously told you, The Gathering Spot was acquired in 2022 to “continue to deliver features including community building, personal finance content, and banking services.”
In addition, Greenwood’s efforts were strengthened through the acquisitions of A3C and Valence.