Greenwood Acquires Fellow Neobank Kinly Greenwood Acquires Fellow Neobank Kinly
Greenwood founders

Greenwood Acquires Fellow Neobank Kinly

Two banking startups are joining forces to further their mission of helping Black America build generational wealth. Earlier this month, Greenwood announced its acquisition of Kinly. According to a press release, the transaction will bring “the two largest FinTechs focused on the Black community together as one company.” Moreover, with 300,000 Kinly members joining Greenwood, the combined neobank will have more than 1 million members.

About Greenwood and Kinly:

Greenwood is a neobank with a focus on Black and Latino customers. Founded by Andrew J. Young, Ryan Glover, and Michael Render (better known as Killer Mike), the platform not only offers digital checking and savings accounts but also enables community reinvestment. For example, customers can opt into round-ups, with the donated change going to UNCF and NAACP. Since Greenwood is not a bank itself, the company partners with Coastal Community Bank to provide its services.

Meanwhile, Kinly is another neobank “Built for Black America.” With a Kinly checking account, customers enjoy fee-free ATM access (via the Allpoint network), up to $100 in overdraft protection with eligible direct deposit, and more. Additionally, the platform features financial education resources. Kinly partners with The Bancorp Bank for its financial services.

What they’re saying:

Announcing the acquisition of Kinly, Greenwood’s CEO and co-founder Ryan Glover said in a statement, “Kinly has always shared in our commitment to building a more transparent banking experience for Black Americans. 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.” Glover added, “In partnership with Donald Hawkins from Kinly, we plan to grow our footprint and expand our services to provide best-in-class experiences for Black and brown families and businesses.”

Additionally, Hawkins said, “Kinly’s mission of financial empowerment and wealth-building stems from lessons learned from Black America’s history. The needs of our communities are many and I couldn’t be more excited to combine efforts with Greenwood to create lasting generational change.”

My thoughts:

For years, niche neobanks have been a growing FinTech trend. Unfortunately, as several shuttered services show, finding success in some of these niches can be difficult — especially when startups need to pivot from running on venture capital to bringing in revenue. With that in mind, it makes perfect sense that services like Greenwood and Kinly that have complementary missions would join forces rather than compete with one another. Given the promise that Greenwood has already shown on its own, surely this move will only help to further propel the neobank, allowing it to continue supporting the Black community and its allies.

Author

Kyle Burbank

Head Writer ~ Fioney
Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Money@30's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

Other Articles by Kyle Burbank

2023 Small Business Credit Card Satisfaction Tops 2019 Highs

The latest small business credit card study from J.D. Power shows satisfaction continuing to rise. About the study and results: This week, J.D Power released its 2023 U.S. Small Business Credit Card Satisfaction Study, which includes responses from more than 3,400 small business credit card customers. In this case, the study looked at businesses with annual revenues between $10,000 and $10 million. First, it was discovered that overall satisfaction among...

Discover Announces 5% Bonus Categories for First Quarter of 2024

With 2024 sneaking up on us, Discover has announced its rotating 5% bonus categories for the first quarter of next year. About the Q1 2024 bonus categories: From January through March 2024, Discover It customers will be able to earn up to 5% back in two categories: restaurants and drugstores. According to the company, the Restaurants category includes full-service establishments, cafes, cafeterias, fast-food locations, and dining delivery services. For the...

Public App Adds Corporate and Treasury Bonds Feature

The FinTech trading app Public has announced new investment options for its members. About the features: Public is now rolling out the ability for customers to invest fractionally in corporate and Treasury bonds. This capability will be introduced on both the mobile and desktop interfaces for the service. According to Public, the addition comes as demand for fixed-income products increases. In addition to these bond types, the app will also...
The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

FedEx Announces Winners of 11th Annual 2023 Small Business Grant Contest

Nearly three months after the entry period ended, FedEx has announced the winners of its 11th annual Small Business Grant Content. This year's event saw more than $300,000 in funds going to a variety of small businesses across the nation. Last month, the company revealed 100 finalists, with that list now being narrowed down to just 10 winners. This year's grand prize winners included KindVR, The Cupcake Collection, Up In...
Summer app

Student Loan Benefit FinTech Summer Raises $6 Million

For years, student debt has been one of the most talked about financial topics. What's more, while the debt itself has become a major part of many Americans' lives, discussion of student loans has become political due to efforts to forgive certain loan repayments. However, while we wait for resolution on that front, a FinTech that brings student debt benefit solutions to employers and consumers has raised a new round...
H-E-B and Central Market  credit cards

Imprint Launches Credit Cards from H-E-B and Central Market 

The FinTech Imprint is partnering with the popular Texas-based grocery chain H-E-B for a pair of new rewards credit cards. This week saw the launch of the H-E-B Visa Signature Credit Card as well as the Central Market Visa Signature Credit Card. With these two (nearly identical) options, customers will be able to earn rewards on groceries and beyond. First, both versions of the card earn up to 5% back on select...
Melissa Urban holding a Ness card

Health and Wellness Rewards Card Ness Partners with Whole30

In recent years, several unique rewards cards have come to market. These include offerings from FinTech startups as well as brands looking to do something special for their loyal fans. On that note, a recently-announced rewards credit card offering is now working with a popular brand to introduce new benefits for customers. This week, the Ness Card (which is issued by The Bank of Missouri) unveiled a new partnership with...
Choice Privileges Select Card

Choice Hotels, Wells Fargo Debut Choice Privileges Select Card

With spring well underway and the summer travel season now just around the corner, Choice Hotels and Wells Fargo have unveiled their latest co-branded credit card offering. Today, the two companies announced the Choice Privileges Select Mastercard. Carrying an annual fee of $95, this card will serve as the premium option in the hotel brand's new lineup. Looking at the Choice Privileges Select, it offers a mix of rewards categories....