Greenwood’s content arm pushes financial empowerment
- Greenwood’s content arm pushes financial empowerment to attract customers.
Greenwood, an American
oriented towards black and Latino communities, and co-founded by rapper and entrepreneur Killer Mike, is manufacturing a surge in financial education ahead of its expected launch in early 2022.
The neobank initiative is hosted by Studio Greenwood, a content marketing store that will support podcasts, video series, and a business directory.
Greenwood Studio offers an inaugural line of five original works, including:
- Team up with the Earn Your Leisure podcast, co-hosted by educator Troy Millings and financial advisor Rashad Bilal
- Partnering with Tanya Sam and iHeartMedia on New Financial Literacy Podcast, Money Moves
- A documentary on Tulsa, the Greenwood district of Oklahoma (Black Wall Street) and the 1921 Tulsa racing massacre
- Partnering with Sahirenys Pierce on a personal finance podcast, Ask Me Anything About Money
- A digital directory for black and Latino businesses called GreenBook.
More on this: Greenwood launched the studio after opting in June to postpone the public debut of the neobank due to high demand – it currently has more than 500,000 registrations on its waiting list.
The targeted communities of Greenwood represent a greater proportion of the unbanked and underbanked than their shares of the population. Blacks and Latin Americans face disproportionate financial barriers, by data cited by Fast Company, including black loan seekers facing an 80% higher rejection rate than their white counterparts.
Greenwood’s celebrity-backed marketing strategy follows similar initiatives from other U.S. banking players.
- In February, the neobank Varo announcement a partnership with NBA star Russell Westbrook, who also led his $ 63 million investment round, which is to create an impact platform to help underserved communities.
- In 2019, NBA star LeBron James in partnership with Chase on a podcast aimed at de-stigmatizing discussions about finances.
The Opportunity: Greenwood Studio is helping the neobank build their anticipation and brand awareness in the lead-up to launch, keeping those who signed up while they wait and bolstering its customer acquisition campaign.
Operating a content marketing branch also helps Greenwood differentiate itself from other niches.
looking to build black and Latino client bases.
- A competitor from Greenwood, First Boulevard — who brought a $ 5 million round of funding in March – features products ranging from a black business market to no-cost debit cards.
- Fortú is for Latinos and has emerged stealth mode in May, offering a savings account and a money transfer deal with fintech Wise.
Want to read more stories like this? Here’s how to get there:
- Join fellow Insider Intelligence customers who receive daily banking forecasts, briefings, charts, and research reports delivered to their inbox. >> Become a client
- Explore related topics in more depth. >> Browse our coverage
Current subscribers can access the entire Insider Intelligence content archive here.