Greenwood launches investing platform to help minorities have a piece of the American pie
- Greenwood Invest particularly opens doors to stocks and ETFs for Black and Latino consumers who already use Greenwood’s Spending and Savings accounts.
- Co-founder and CEO, Ryan Glover, shares how the road to profitability can be more challenging for digital banks owned or led by minorities.
Black-owned neobank, Greenwood, recently launched Greenwood Invest — an app for stock investing.
Available to anyone looking to build her own wealth through investing in financial markets, Greenwood Invest particularly opens doors to stocks and ETFs for Black and Latino consumers who already use Greenwood’s Spending and Savings accounts. They can use their funds to invest in stocks and ETFs traded on the NYSE and NASDAQ exchanges.
Greenwood Invest is currently only offered to Greenwood Premium and Elevate banking customers. The platform also offers education and customer support to consumers on their wealth-building journey.
Nearly 83% of women are investing the same amount or more in their brokerage accounts compared with last year. That number is around 81% for Hispanic and Latina investors, according to a recent survey by JPMorgan Wealth Management. Although the racial wealth gap narrowed during the pandemic era of 2019-2022, as home, stock, and business ownership all increased relatively more for non-white families than for white families, according to the Federal Reserve, these gaps are still large. A typical white family had about six times as much wealth as a typical Black family and five times as much as a typical Hispanic family during the same period.
