Left to Right: Paul Judge, Ryan Glover, D’Rita Robinson, Robbie Robinson, Michael “Killer Mike” Render, Andrew J. Young (Photo: Business Wire). Credit: Greenwood/BusinessWire.

Greenwood, a digital banking platform for Black and Latino customers and businesses, has raised $45m in a funding round led by Pendulum.

The round was joined by other investors including Cercano Management, Cohen Circle, The George Kaiser Family Foundation, and NextEra Energy.

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Greenwood’s existing investors, Bank of America, Citi Ventures, PNC, Popular, Truist Ventures, TTV Capital, and Wells Fargo also joined the round.

The firm plans to use the funding to support its aim of closing the racial wealth gap and empowering the Black and Latino communities to build generational wealth.

Launched in October 2020, Greenwood claims to have more than 100,000 customers on its banking platform.

Pendulum co-founder and CEO Robbie Robinson said: “Greenwood is poised to create new outcomes and equip our communities with the resources they have been systemically excluded from in the pursuit of economic opportunity.”

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“My wife and co-founder D’Rita and I, along with our team, are thrilled to partner with Greenwood to accelerate its mission and deliver its growing product offering to its constituency across the country.”

Along with the fundraiser, Greenwood has announced a new membership offering, called Elevate.

The firm said that the new offering is the culmination of its acquisitions of The Gathering Spot and Valence earlier this year.

Greenwood chairman Ryan Glover said: “This investment and our new partnership with Pendulum demonstrate the power of the Black ecosystem and that when you Choose Black, you will not be underserved.

“Our vision is to make Greenwood the premier destination for Black and Latino wealth creation and regeneration while keeping community connection and collective professional advancement at the center.”

In March last year, Greenwood raised $40m in funding from financial services players including Truist, Bank of America, PNC, JPMorgan Chase, Wells Fargo, Mastercard and Visa.