Former KC startup acquired by Atlanta-based banking platform, uniting two of the largest Black-owned fintechs
May 5, 2023 | Startland News Staff
ATLANTA — Greenwood, a digital banking platform for Black and Latino individuals and businesses, announced this week its acquisition of Kansas City-founded Kinly — a neobank building generational wealth for Black America.
Donald Hawkins, kinly, at the C3KC “Fintech is Revolutionizing Banking” session in 2022; photo by Channa Steinmetz, Startland News
The deal will help grow Atlanta-based Greenwood’s ecosystem of more than 1 million members and provide Kinly’s community of more than 300,000 with priority access to Greenwood’s unique, comprehensive financial product that emphasizes community building and wealth creation for Black and brown people, the companies said.
Financial terms of the exit were not disclosed.
“Kinly’s mission of financial empowerment and wealth-building stems from lessons learned from Black America’s history,” said Donald Hawkins, founder and CEO of Kinly. “The needs of our communities are many and I couldn’t be more excited to combine efforts with Greenwood to create lasting generational change.”
Since its launch in 2020, Kinly has raised $20 million in funding from key investors like Forerunner Ventures, Point72 Ventures, Anthemis, and Kapor Capital to improve the financial outcomes of Black America and allies through financial education, saving and wealth building.
Melissa Vincent, Pipeline Entrepreneurs, and Donald Hawkins, Kinly, at the 2022 Pipeline Innovators gala; photo by Tommy Felts, Startland News
Hawkins, a serial entrepreneur and member of the Pipeline Entrepreneurs network, relocated Kinly to Atlanta in 2022.
Click here to read more about how the George Floyd killing in 2020 and Black Lives Matter movement contributed to kinly’s origins, as well as Hawkins thoughts on closing the Black wealth gap.
As part of the acquisition, Hawkins will join the Greenwood executive management team as a vice president 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.
“Kinly has always shared in our commitment to building a more transparent banking experience for Black Americans,” said Ryan Glover, CEO and co-founder of Greenwood. “The acquisition of Kinly represents a massive milestone for Greenwood as we continue in our shared effort to elevate 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.”
The Kinly deal marks Greenwood’s third acquisition over the last year, highlighting the company’s continued expansion plans to bring best-in-class offerings together for its members.
Since the beginning of 2022, Greenwood has also acquired The Gathering Spot, A3C, and Valence to provide its members with access to additional professional services, networking opportunities and cultural experiences. The company also launched Elevate, a premium lifestyle product designed exclusively for Greenwood members, unlocking unique cultural and lifestyle experiences.
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