The newest product is Greenwood’s first offering that helps actualize its mission of bridging the racial wealth gap by providing commission-free stock and ETF investing options to over 1.3 million community members
ATLANTA--(BUSINESS WIRE)--Greenwood, the digital financial platform for Black and Latino consumers and businesses, today announced Greenwood Invest, a cutting-edge stock investing and trading app that allows customers to invest in stocks and exchange-traded funds (ETFs). In support of the company’s mission to close the racial wealth gap and create more wealth-building opportunities for traditionally overlooked communities, Greenwood Invest will provide all individuals with an opportunity to create wealth within their means as well as real-time educational resources on investing and customer support. Already the largest Black-owned neobank platform in the industry, Greenwood Invest will help strengthen Greenwood’s position as the premier destination for wealth and professional advancement in the Black and Latino communities.
According to recent reports, Black households held just 4% of total household wealth in the U.S. in 2020 despite making up over 13% of the population (Brookings) and only 33% of Black households and 24% of Hispanic households owned stocks or ETFs in contrast to 61% of white households (Federal Reserve). This divide has been driven in large part by a lack of trust in the stock market and financial institutions, which has kept the Black community from harnessing the wealth accumulation capabilities of the stock market and deepened the racial wealth chasm. A trusted financial service partner within the community, Greenwood Invest seeks to remedy this by making it possible for every Black and Latino consumer in America to access the stock market, bringing the community one step closer to truly generating wealth and owning a piece of the country they’ve built.
"Greenwood Invest is the embodiment of our deep-seated vision for Black and Latino financial empowerment," said Ryan Glover, CEO and Co-founder of Greenwood. "With access to over 5,000 stocks and ETFs, this platform serves as a pivotal step towards realizing Greenwood's goal: a future where Black and Latino families are not just financial spectators but dominant players in their own wealth creation. Our community was integral to the formation of this country. With Greenwood Invest we’re creating a pathway for Black and Latino families to finally own a piece of the American pie.”
Expanding on Greenwood’s Spending and Savings accounts, Greenwood Invest is the first product powered by Greenwood that allows users to generate net new wealth, with the goal of helping them bridge the racial wealth gap. Greenwood Invest enables Greenwood’s customers to explore diverse portfolio options and invest with ease, without having to download an additional app. At launch, Greenwood Invest allows individuals to purchase publicly available stocks, including a number of publicly traded Black-owned businesses.
Product highlights include:
- No Hidden Fees with Zero Commissions: Greenwood’s platform prioritizes the financial well-being of its users. By eliminating trading fees, it ensures that a customer’s gains aren't diminished by hidden costs, making stock and ETF trading more accessible and lucrative.
- Invest with Fractional Shares: With Greenwood Invest, a customer can start investing with as little as $1, allowing an individual to buy a fraction of a share, no matter its trading price. This ensures that high-priced stocks are within reach for everyone.
- Comprehensive Educational Resources: Understanding the basics of stocks and ETFs can be daunting. That's why Greenwood Invest offers a robust suite of educational content, including in-depth webinars to user-friendly guides, to help get customers started.
- Spotlight on Black-Owned/Led Businesses: Greenwood Invest promotes Black-owned and Black-led publicly traded enterprises within the app, including Robert Johnson’s RLJ Lodging Trust, Herriet Tabuteau’s Axsome Therapeutics and more.
- Safeguarded Investments with SIPC Insurance: Trust is paramount at Greenwood Invest, so all investments made through the platform are insured by the Securities Investor Protection Corporation (SIPC) up to $500,000. This includes up to a $250,000 limit for cash claims, ensuring investments have an added layer of protection.
At the time of launch, Greenwood is also starting the “We Invest Too” campaign, with the goal of creating one million new investors in the community. As an incentive to users investing for the first time, Greenwood will provide $10 for all users, which can be put towards stocks and ETFs available on the Greenwood Invest platform.
Greenwood Invest can now be downloaded on both iOS and Android platforms as part of the main Greenwood app. For more information on Greenwood Invest please visit https://gogreenwood.com/.
Greenwood is the digital financial platform for Black and Latino individuals and businesses. Greenwood’s mission is to support financial freedom for minorities through community building, career advancement, and financial services. Greenwood’s flagship product is a best-in-class digital banking service provided by partnering with FDIC-insured banks. The combined community has over 1 million people. Greenwood’s founders include Civil Rights leader Andrew J. Young and Ryan Glover, founder of the Bounce TV Network. Greenwood has raised funding from six of the largest banks including Citi, JPMorgan Chase, PNC and Truist as well as other companies including Pendulum, TTV Capital, Mastercard, and Visa.
Disclaimer: Investing, whether in stocks or ETFs, involves inherent risks, encompassing the potential loss of the invested principal. Users are strongly advised to familiarize themselves with Greenwood Investing's offerings before committing to any financial decisions.