Rapper and activist Killer Mike's digital banking app Greenwood has announced the acquisition of Kinly, a new banking platform designed to empower Black Americans to create financial wealth, reports Business Wire. Now in partnership, the large fintechs have a bold vision "to build generational wealth for minorities."
As a result of the merger, over 300,000 Kinly users will have access to Greenwood’s products, which adds to their over one million existing members.
Ryan Glover, CEO and co-founder of Greenwood, said in a news release that the purchase marks the company's commitment to providing underserved communities with the adequate tools for financial success.
“Kinly has always shared in our commitment to building a more transparent banking experience for Black Americans,” Glover said. “The acquisition of Kinly represents a massive milestone for Greenwood as we continue in our shared effort to elevate financial tools available for our community. In partnership with the Kinly team, we plan to grow our footprint and expand our services to provide best-in-class experiences for Black and brown families and businesses.”
Donald Hawkins, founder, and CEO of Kinly, who will now serve as vice president of Greenwood’s executive management team, expressed his excitement about the merger.
“Kinly’s mission of financial empowerment and wealth-building stems from lessons learned from Black America’s history,” Hawkins said, according to the news release. “The needs of our communities are many, and I couldn’t be more excited to combine efforts with Greenwood to create lasting generational change.”
“It is another proud moment to again have two Black-owned companies on both sides of an M&A transaction. This shows the power of collaboration within the community. It is often said that if you want to go far, go together. This collaboration is a stellar example of that belief. We welcome Donald and Kinly to the Greenwood family,” Greenwood board member Paul Judge added,
In addition to Kinly, Greenwood has purchased A3C and Valence over the past year to expand of its portfolio.