Greenwood, a digital banking platform created to address the banking needs of Black and Latino communities, recently acquired ownership of The Gathering Spot, a private membership network that focuses on event hosting for Black professionals.
According to a statement by Greenwood, Inc., the acquisition of The Gathering Spot has resulted in a collective community of over one million people, making Greenwood the largest combined fintech and community platform for Blacks and minorities.
Ryan Wilson, co-founder and CEO of The Gathering Spot and chief community officer of Greenwood, characterized the acquisition as an investment in community, and a pathway to financial security for an often-underserved community.
“The Gathering Spot prides itself on building an intentional community, one where we can celebrate each member and connect them to the resources and networks they need to build on their successes, Ryan said. “Joining with Greenwood is a commitment to our community, and we share Greenwood’s vision in empowering people and helping them to build opportunity and generational wealth.”
The Gathering Spot is comprised of event-driven facilities that provide access to an exclusive network of professionals, creatives and entrepreneurs, curated experiences, exclusive content and other high-end amenities.
Along with its Atlanta location, The Gathering Spot also has clubs located in Washington, D.C. and Los Angeles. Previous participants at events hosted at The Gathering Spot include Gabrielle Union, film director/producer Will Packer, U.S. senator Cory Booker (D-NJ) Cory Booker and gubernatorial candidate Stacey Abrams, among others.
Greenwood is a fintech organization founded by civil rights icon and former Atlanta mayor Andrew Young, Grammy-award winner Michael “Killer Mike” Render and Bounce TV creator Ryan Glover. The organization currently has 700,000 people on a waitlist for its services.
Paul Judge, a technology entrepreneur and board member at Greenwood, sees the acquisition as an important move in terms of Black financial empowerment.
“The future of finance is community,” Judge said. “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.
“It is an important milestone to have two Black-owned companies on both sides of an M&A (mergers and acquisitions) transaction. It brings a new meaning to the term ‘Black-on-Black.’”