[5] Greenwood was founded by former Atlanta mayor Andrew Young, rapper–activist Michael "Killer Mike" Render, and media executive Ryan Glover with $3 million of private investors to address a lack of banking services for people of color and representation of them in traditional banks.

[3] In April 2021, Greenwood announced that they developed a partnership with MasterCard and they will issue the platform’s first debit cards.

Greenwood Content Studios will produce essential personal finance content targeted at the Black and Latino community covering topics like savings, investing, credit building, entrepreneurship, and wealth management.

[8] On May 2, 2023, Greenwood announced that it had acquired Kinly, a neobank competitor focused on serving the Black community.

The company offers a mobile-first banking experience with no hidden fees, early direct deposit, and overdraft protection.