Greenwood launches mobile trading app for the Black and Latino communities
To encourage first-time investing, Greenwood will provide $10 to users, which can be used towards stocks and ETFs on the Greenwood Invest platform
Greenwood, a digital financial platform serving Black and Latino consumers and businesses, has introduced Greenwood Invest – a stock investing and trading app that enables customers to invest in stocks and ETFs.
Greenwood Invest aligns with the company’s mission to narrow the racial wealth gap and increase wealth-building opportunities for traditionally underserved communities.
Access to over 5,000 stocks and ETFs
Possibly already the largest Black-owned neobank platform, Greenwood aims to reinforce its position as a leading platform for wealth and professional advancement in the Black and Latino communities through Greenwood Invest. The app offers a chance for every Black and Latino consumer in America to access the stock market, a critical step towards wealth generation and ownership.
Recent data highlights the wealth disparity in the U.S. In 2020, Black households held only 4% of total household wealth despite comprising over 13% of the population.
Additionally, stock and ETF ownership among Black and Hispanic households significantly lags behind that of white households. This gap is partly attributed to a distrust in the stock market and financial institutions, which Greenwood Invest seeks to address. The platform offers access to over 5,000 stocks and ETFs, aiming to transform these communities from financial spectators to active wealth creators.
Greenwood Invest, expanding on Greenwood’s existing Spending and Savings accounts, is the first Greenwood-powered product that facilitates net new wealth generation. It aims to help bridge the racial wealth gap, allowing customers to explore diverse portfolio options easily and without needing an additional app. At launch, it offers the ability to purchase publicly traded stocks, including Black-owned businesses.
Key features of Greenwood Invest include:
- No Hidden Fees with Zero Commissions: Eliminating trading fees to maximize gains.
- Invest with Fractional Shares: Allows investment with as little as $1, making high-priced stocks accessible to all.
- Comprehensive Educational Resources: Offers educational content, from webinars to guides, for understanding stocks and ETFs.
- Spotlight on Black-Owned/Led Businesses: Promotes Black-owned and led public enterprises within the app.
- Safeguarded Investments with SIPC Insurance: Investments are insured by the SIPC up to $500,000, with a $250,000 limit for cash claims.
Greenwood is also launching the “We Invest Too” campaign. This initiative aims to create one million new investors in the community.
To encourage first-time investing, Greenwood will provide $10 to users, which can be used towards stocks and ETFs on the Greenwood Invest platform. This campaign and the introduction of Greenwood Invest represent significant steps towards financial inclusivity and empowerment in the Black and Latino communities.
Ryan Glover, CEO and Co-founder of Greenwood, said: “Greenwood Invest is the embodiment of our deep-seated vision for Black and Latino financial empowerment. With access to over 5,000 stocks and ETFs, this platform serves as a pivotal step towards realizing Greenwood’s goal: a future where Black and Latino families are not just financial spectators but dominant players in their own wealth creation. Our community was integral to the formation of this country. With Greenwood Invest we’re creating a pathway for Black and Latino families to finally own a piece of the American pie.”