Atlanta-based black-owned digital banking platform Greenwood had acquired private member’s club The Gathering Spot in an undisclosed deal.
Greenwood and The Gathering Spot have joined forces in what’s been described as a ‘significant moment for culture and finance’ The partnership will reportedly create the ‘largest community platform for minorities’, with a combined network of over one million people nationwide.
In a special email message to ‘friends of TGS’, CEO and co-founder of The Gathering Spot Ryan Wilson said the partners were aligned in their missions to serve and empower the community. ‘This moment is one of the most powerful and influential mergers in our culture,’ he wrote.
Wilson will continue in that role in addition to being named as Chief Community Officer of Greenwood. TK Petersen, co-founder and COO of The Gathering Spot will continue in that role and also is appointed as a Vice President at Greenwood.
“This combination of Greenwood and The Gathering Spot provides immense benefits to the members and will unlock a full range from financial education to banking and financial tools,” said TK Petersen, Co-founder of The Gathering Spot and Vice President at Greenwood. “We are excited to bring these two communities together and continue to innovate and roll out combined products and offerings to our community.”
“Both Greenwood and The Gathering Spot have been leading conversations on access to capital and the power of minority financial inclusion. This moment marks a significant milestone for the culture and strength within the community. The combined efforts of Greenwood and The Gathering Spot will expand the collective power of minorities to impact the wealth gap.”
“The future of finance is community. The Black community has been a cultural leader for a long time. It makes sense that it now becomes more of a leader in business and in the future of finance,” said Paul Judge, Board member at Greenwood. “It is an important milestone to have two Black-owned companies on both sides of an M&A transaction. It brings a new meaning to the term ‘black-on-black’.”
“Minorities continue to face a lack of financial inclusion and tools. Both Greenwood and The Gathering Spot have been leading conversations on access to capital and the power of minority financial inclusion. This moment marks a significant milestone for the culture and strength within the community,” said Ryan Glover, Co-founder & Chairman at Greenwood. “The combined efforts of Greenwood and The Gathering Spot will expand the collective power of minorities to impact the wealth gap.”
Serial entrepreneur Paul Judge and Bounce TV founder Ryan Glover unveiled Greenwood in 2020. The bank will feature online banking services and pay-it-forward programs focused on Black and Latinx causes and businesses. So far, more than 500,000 people have signed up for the waitlist to bank with Greenwood.
Launched in 2016, The Gathering Spot is a private members club focused on the black community. Co-founders Ryan Wilson and TK Petersen launched the inaugural club in Atlanta after securing a $3 million investment for the startup. It also has physical locations in Washington DC and Los Angeles. Creatives, professionals, and entrepreneurs gain access to workspace private offices, conference rooms, and flexible, open workspaces. There is also a fully-equipped event space and full-service restaurant.
Image: Greenwood co-founder Ryan Glover, CEO and co-founder of The Gathering Spot Ryan Wilson, co-founder of The Gathering TK Petersen, and board member at Greenwood Paul Judge