Client News/Details

Snell & Wilmer Advises Fintech Startup Greenwood as it Secures $40 Million Series A Funding Round Led by Truist Ventures

June 3, 2021

SAN DIEGO – Snell & Wilmer advised Greenwood, a digital banking platform for Black and Latino individuals and business owners, as it secured $40 million of Series A funding from six of the seven largest U.S. banks and the top two payment technology companies. The $40 million capital raise was led by Truist Ventures, the corporate venture capital division of Truist Financial Corporation and included JPMorgan Chase & Co, Wells Fargo & Co., PNC Financial Services Group Inc., Citigroup, Inc., Mastercard Inc., Visa Inc., FIS, Banco Popular, as well as several venture capital firms such as TTV Capital and SoftBank's Opportunity Fund. The funding is expected to allow Greenwood to continue to build a community focused on financial empowerment and to deliver a range of financial products and services by featuring best-in-class online banking services, innovative ways to support Latino and Black-owned banks and give-back programs focused on Black and Latino causes and businesses.  

"I am elated that many of the world's top fintech companies have invested in Greenwood and join us in this mission,” said Ryan Glover, Chairman and Co-founder of Greenwood in a company press release. “The backing of six of the top seven banks and the two largest payment technology companies is a testament to the contemporary influence of the Black and Latino community. We now are even better positioned to deliver the world-class services our customers deserve."

Bardia Moayedi led the Snell & Wilmer team advising Greenwood in the deal. The diverse team included Imeabasi Ibok, Sarah Hibbard and paralegal Justin Ferguson (corporate).

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.