Summary:
Greenwood relocates headquarters from Atlanta to Tulsa under new CEO Dave Cotter.
Founded in 2020 to address the racial wealth gap for Black and Latino consumers.
New cash-back program offers up to 10% back for shopping at participating Black-owned businesses.
Cotter aims to shift $1.6 trillion in African American purchasing power towards Black businesses.
Greenwood continues to innovate while maintaining its core mission and vision.
Greenwood's Relocation to Tulsa
Greenwood, the innovative financial technology startup founded by notable Atlantans, is relocating its headquarters from Atlanta to Tulsa, Oklahoma. This strategic shift is led by the company's new CEO, Dave Cotter, who took on the role in July. He describes the move as a "no-brainer", emphasizing the importance of aligning the company's operations with its namesake community.
A Mission-Driven Company
Founded in 2020, Greenwood aims to close the racial wealth gap in the U.S. by providing essential banking services to Black and Latino consumers. The startup is named after the historic Black Wall Street in Tulsa, a once-thriving Black community destroyed in 1921. The company's founders include activist and rapper Killer Mike (Michael Render), former Atlanta Mayor Andrew Young, entrepreneur Paul Judge, and former Bounce TV executive Ryan Glover.
Dave Cotter, the new CEO of Greenwood. He took over the role in July 2024.
New Leadership and Strategic Changes
Under Cotter's leadership, Greenwood is evolving its strategy while maintaining its core mission. He believes that the headquarters should have always been in Greenwood, stating that "that legacy should be cemented, and it should be more than marketing. It should be substance."
Greenwood operates with a lean team of approximately 16 employees, primarily working virtually. Despite the move, Cotter assures that the company will retain a strong presence in Atlanta.
Innovative Initiatives
The relocation coincides with Greenwood's new initiatives aimed at supporting Black-owned businesses. The company recently announced a cash-back program for its members, offering up to 10% back on purchases at participating Black-owned businesses. This program will initially launch in Atlanta before expanding to Tulsa.
Additionally, Greenwood has introduced an online marketplace to connect consumers with third-party loan providers, further enhancing its offerings to the community.
Cotter emphasizes the potential for Greenwood to help reduce the racial wealth gap by shifting the $1.6 trillion in purchasing power that African Americans hold, which currently sees only 2% directed towards Black businesses.
Future Outlook
With Cotter’s extensive experience from Microsoft and Amazon, he aims to leverage his background in online marketplaces to engage consumers effectively with Greenwood’s mission. “It is a different company than how I would characterize what it was before,” he states, indicating a shift in execution while holding true to the company’s vision.
As Greenwood embarks on this new chapter, it continues to focus on its foundational goal of enriching the economic landscape for Black communities across the nation.
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