Two Atlanta-based companies are joining forces to empower members of the Black and Latinx community toward entrepreneurship and financial freedom. Combining the best of fintech and network building, digital banking platform Greenwood announced its acquisition of The Gathering Spot, a private membership network focused on underrepresented groups.
Greenwood is a fintech company built to meet the specific financial needs of the Black and Latinx communities by addressing the disparities in financial services and economic opportunity they’ve historically faced, Ryan Glover, co-founder and chairman of Greenwood, told Built In via email. The mobile app offers users financial services such as digital checking and savings, Apple and Android pay, peer-to-peer transfers, mobile check deposits and more.
“Greenwood is partnered with FDIC-insured banks to give customers the ability to spend and save securely through [the] use of best-in-class banking services and innovative ways to support Black and Latinx causes and businesses,” Glover said.
Its platform also features a tool called Greenwood Studios, a library of educational content geared toward supporting wealth recirculation in the Black and Latinx communities. The solution includes podcasts, videos and social posts crafted to promote financial inclusion and wellness.
Though The Gathering Spot (TGS) operates outside of the financial technology space, it shares a common goal with Greenwood in uplifting marginalized groups. The company offers members access to a network of professionals, creatives and entrepreneurs, as well as content and curated experiences to help build out a community of underrepresented professionals. Members can also visit the company’s flagship clubs for work and event spaces, dining and drinks. They can also attend in-person and online experiences such as conversations with business leaders and cultural icons like Gabrielle Union.
With the close of this acquisition, Ryan Wilson will continue in his role as CEO of TGS and take on the mantle of chief community officer at Greenwood. TK Petersen, TGS’s co-founder and COO, will also maintain his current role and become a VP at Greenwood.
“Greenwood and TGS have a shared commitment to offer Black and Brown people the knowledge and opportunity to succeed. The Gathering Spot has been in the community building business for six years across three physical locations and five additional cities across the country,” Glover said. “Joining forces with Greenwood means there will be a combined community of one million people. … By combining the two platforms, we have the ability to further amplify their collective responsibility to empower the Black and Brown community through high-quality banking services, content, networking and community engagement and support and more.”
As the conjoined company works to achieve this mission, it’ll further its use of content as a vehicle for entertainment and education. Alongside Greenwood Studios, the company plans to continue to use TGS Connect, a tool for online content and connectivity. The Gathering Spot developed this solution for members to livestream events and watch programming and connect with others across the globe.