Killer Mike launches banking platform focused on Black and Latinx communities

Updated: Mar 10, 2021

Killer Mike - part of the Hip-Hip duo Run the Jewels - is launching a banking platform together with Bounce TV founder Ryan Glover. The Greenwood banking platform will offer different financial services for Black and Latinx owned businesses and citizens. The bank will officially launch in January, but is already accepting early applicants for saving and checking accounts.

The main focus of Killer Mike’s bank will be giving financial support to Black and Latinx entrepreneurs, who often have difficulty obtaining loans from regular banks. But it will also offer everything existing banking services offer. Including mobile deposits, peer-to-peer transfers, a global ATM network, Apple and Android Pay services and two-day advances on paychecks for customers with direct deposit. According to Ryan Glover, there is already a waiting list of thousands of people who want to open an account since the website launched last Thursday.


Greenwood will have a number of charity projects. For every new customer, they will donate five free meals to families in need and for every time a debit card is used, a donation is made to the United Negro College Fun, Goodr and the NAACP. In addition they will grant $10.000 to a Black and Latinx small business owners every month.


Killer Mike has been involved with activism and fighting for a number of causes for years, often focused on racial inequalities and politics. When asked about the motivation behind the Greenwood bank, he told Billboard magazine:

“Today, a dollar circulates for 20 days in the white community but only six hours in the Black community. Moreover, a Black person is twice as likely as a white person to be denied a mortgage. This lack of fairness in the financial system is why we created Greenwood.”

The name Greenwood is an ode to the Greenwood neighbourhood in Tulsa, Oklahoma, which was known as "Black Wall Street" in the early 1900s. It got the name because of its large number of African-American owned businesses. The area was burned down by a mob of white supremacists in 1921 in what became to be known as the Black Wall Street Massacre.

 

Source: Billboard

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