Client News/Details

Snell & Wilmer Advises Fintech Startup Greenwood in Acquisition of The Gathering Spot

May 10, 2022

SAN DIEGO – Snell & Wilmer advised Greenwood, Inc. (Greenwood), a digital banking platform for Black and Latino individuals and business owners, in its acquisition of The Gathering Spot (TGS), a private membership network focused on the Black community. The combined company will have a community of over one million people and plans to continue to deliver features including community building, personal finance content, and banking services. 

“Minorities continue to face a lack of financial inclusion and tools. Both Greenwood and The Gathering Spot have been leading conversations on access to capital and the power of minority financial inclusion. This moment marks a significant milestone for the culture and strength within the community,” said Ryan Glover, Co-founder & Chairman at Greenwood in a company press release. “The combined efforts of Greenwood and The Gathering Spot will expand the collective power of minorities to impact the wealth gap.” Greenwood has tens of thousands of account holders and is currently onboarding a waitlist of over 700,000 people. The Gathering Spot has over 12,000 diverse members including executives, entrepreneurs, entertainers, creatives and more.

Bardia Moayedi led the Snell & Wilmer team advising Greenwood in the deal. The diverse team included Imeabasi Ibok, Sarah Hibbard and Carmen B. Gilbert (corporate); Monique Lashbrook (real estate); Greg Gautam (employee benefits); and Bahar A. Schippel (tax).

Snell & Wilmer’s mergers and acquisitions attorneys are well-versed in providing strategic, innovative legal and business services for complicated corporate transactions. They have extensive experience with transactions in a variety of industries, including highly regulated industries where the intersection of business and government requires a particularly strategic and risk-sensitive approach. Their experience, coupled with deep industry knowledge, allows them to provide thoughtful, innovative and comprehensive solutions for all of their clients. Snell & Wilmer’s clients include sellers, buyers, investors, banks and bankers, venture capital firms, private equity firms, institutional lenders, independent directors and committees, management groups, creditors and creditor committees.