US digital banking platform Greenwood acquires neobank Kinly
Greenwood, a digital banking platform for Black and Latino individuals and businesses in the US, has acquired fellow challenger Kinly for an undisclosed sum.
Greenwood acquires Kinly
Launched in 2020, Kinly is also a neobank focused on helping Black people in America improve their financial lives through financial education, spend management and wealth building. The start-up has raised $20 million in funding from Forerunner Ventures, Point72 Ventures, Anthemis, and Kapor Capital.
Greenwood says the acquisition will help it grow its ecosystem of over one million customers, while providing Kinly’s 300,000-strong customer base with access to Greenwood’s financial products.
“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,” says Ryan Glover, CEO and co-founder of Greenwood.
“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.”
Hawkins, who is founder and CEO of Kinly, will join Greenwood’s executive management team as a vice president. In his new role, he will be responsible for supporting strategic initiatives of the firm.
The acquisition marks Greenwood’s third over the last year. In December, the company raised $45 million in a funding round led by Pendulum, bringing its total capital raise to $88 million to date.
