Atlanta, USA-based provider of a digital banking platform, Greenwood acquired Kinly, USA-based digitally native neobank, building generational wealth for Black America and its allies. The company announced the acquisition on May 2, 2023. However, it did not disclose the amount of the transaction.
As part of the deal, Donald Hawkins, founder and CEO of Kinly, intends to join the Greenwood executive management team as a Vice President. He seeks to support key strategic initiatives in financial services and other areas with the goal of advancing economic empowerment, consumer-focused innovation, and local Atlanta entrepreneurship.
Purpose of acquisition by Greenwood
With the latest acquisition of Kinly, Greenwood seeks to help grow its ecosystem of more than one million members. In addition, it intends to provide Kinly’s community of over 300,000 with priority access to Greenwood’s unique, comprehensive financial product that emphasizes community building and wealth creation for Black and brown people.
What the Greenwood official has to say
Ryan Glover, CEO and co-founder of Greenwood, said, “Kinly has always shared in our commitment to building a more transparent banking experience for Black Americans. The acquisition of Kinly represents a massive milestone for Greenwood as we continue in our shared effort to elevate the financial tools available for our community. In partnership with Donald Hawkins from Kinly, we plan to grow our footprint and expand our services to provide best-in-class experiences for Black and brown families and businesses.”
In addition, Paul Judge, a Board member at Greenwood, said, “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.”
What the Kinly official has to add
Donald Hawkins, CEO of Kinly, further said, “Kinly’s mission of financial empowerment and wealth-building stems from lessons learned from Black America’s history. The needs of our communities are many. I couldn’t be more excited to combine efforts with Greenwood to create lasting generational change.”
About Kinly
In 2020, Donald Hawkins launched the company. The company has raised USD 20 million in funding. Key investors such as Forerunner Ventures, Point72 Ventures, Anthemis, and Kapor Capital back the firm. It is on the mission to improve the financial outcomes of Black America and its allies. Kinly seeks to achieve this through financial education, saving and wealth building.
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