Greenwood, a digital banking platform aimed at Black and Latino customers, raised $40 million in funding from some of the biggest U.S. lenders and payments companies.
The Utah company, which serves more than 2,000 banks and credit unions, has grown rapidly because it helps financial institutions deliver the types of personalized financial advice consumers have increasingly come to expect.
The new unit plans to connect the startups it backs, such as the global payments network Veem, with experts at the company who can provide business advice.
Vanessa Colella, innovation chief at Citi, says remote working has had a democratizing effect. She also touches on the types of technology Citi has been incubating, the startups it’s investing in and her efforts at fostering a culture of generosity.
Business models and adaptability will determine the success — or failure — of financial technology companies as they deal with fallout from the coronavirus outbreak.
The fintech, which translates foreign credit reports to help immigrants get loans, says it has raised millions from venture capital firms and celebrities like Alex Rodriguez and U2's The Edge because its product addresses important economic and social needs.
Ed Skyler, the bank's global head of public affairs, says a newly established $150 million fund will make equity investments in firms seen as having a positive impact on society.
Ed Skyler, the bank's global head of public affairs, says a newly established $150 million fund will make equity investments in firms seen as having a positive impact on society.
Ludwig, a former regulator and CEO of Promontory Financial, and Mahan, the head of Live Oak Bancshares, say they want to back tech startups that support community banks. The ABA and ICBA are among the fund's investors.
