Snell & Wilmer Advises Fintech Startup Greenwood as it Secures $45M Investment Funding Round Led by PendulumNovember 28, 2022
SAN DIEGO – Snell & Wilmer advised Greenwood, Inc. (Greenwood), a mobile banking platform for Black and Latinx people and business owners, as it secured a $45M investment round led by Pendulum Holdings (Pendulum), a strategic growth investing and advisory platform designed for founders and leaders of color. This investment round, which makes Pendulum the largest investor in Greenwood on a dollar basis, values Greenwood at $325M, and includes participation from both new and existing investors.
Pendulum’s investment, which follows Greenwood’s recent acquisitions of Black-founded The Gathering Spot and Valence, continues to demonstrates the power of the Black entrepreneurial ecosystem. “Greenwood has created a membership product called Elevate that offers access or expanded benefits to Valance and The Gathering Spot, as well as exclusive experiences such as private concerts and networking events,” said Ryan Glover, chairman and co-founder of Greenwood in a recent article published by Forbes. “The idea is that banking services, networking and career advancement can help Black and Brown families grow and maintain wealth. We will not be able to extinguish the wealth gap that exists in America, but we want to put a dent in it.”
Snell & Wilmer's corporate and securities attorneys have served as counsel to a substantial number of clients ranging from Fortune 100 companies to smaller emerging businesses. Our attorneys have provided sophisticated legal representation to biotech companies, health care and financial institutions, public utilities, homebuilders, transportation companies, restaurant and hospitality providers, athletic complexes, fitness facilities and many other types of businesses. Snell & Wilmer’s venture capital and private equity practice covers multiple aspects of the transactional arena involving public and private companies, including the structuring and execution of majority buyouts and minority investments, acquisitions (including buy- and sell-side deals, as well as negotiated and auction deals), financings (including 144A transactions and PIPEs), going-private transactions, and spin-off transactions. Our venture capital and private equity attorneys advise both domestic and international funds, including venture capital, private equity, hedge, mezzanine, real estate opportunity, fund-of-funds, exchange, and other private investment funds.