Greenwood, the digital banking platform for Black and Latino individuals and business owners, has announced the acquisition of The Gathering Spot, a private membership network focused on the Black community. Greenwood and The Gathering Spot share the same mission of supporting financial freedom for minorities through community building, entrepreneurship, group economics and wealth building. The combined company has a community of over 1 million people. Together, they will continue to deliver features including community building, personal finance content, and banking services.
The Gathering Spot provides access to a premiere network of professionals, creatives and entrepreneurs, curated experiences, exclusive content, concierge services, and access to The Gathering Spot flagship clubs that include workspace, meeting rooms, event space, restaurant and bar. The Gathering Spot clubs are located in Atlanta, Washington DC, and Los Angeles. Members outside of those cities are part of the vibrant Connected City communities in New York City, Chicago, Detroit, Charlotte, and Houston. The Gathering Spot members have exclusive access to in-person experiences and online content including conversations with business and cultural leaders like Gabrielle Union, Will Packer, and Tope Awotona.
Greenwood and The Gathering Spot are both focused on empowering minorities towards entrepreneurship, financial freedom, and wealth building. Ryan Wilson, co-founder and CEO of The Gathering Spot will continue in that role in addition to being named as Chief Community Officer of Greenwood. TK Petersen, co-founder and COO of The Gathering Spot will continue in that role and also is appointed as a Vice President at Greenwood.
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. The Gathering Spot members include leaders from thousands of companies including Accenture, Apple, The Coca-Cola Company, Goldman Sachs, Microsoft, Meta, NAACP, Revolt, Truist, and Spotify.
“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,” said Ryan Wilson, Co-founder and CEO of The Gathering Spot and Chief Community Officer of Greenwood. “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.”
“This combination of Greenwood and The Gathering Spot provides immense benefits to the members and will unlock a full range from financial education to banking and financial tools,” said TK Petersen, Co-founder of The Gathering Spot and Vice President at Greenwood. “We are excited to bring these two communities together and continue to innovate and roll out combined products and offerings to our community.”
“The future of finance is community. 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,” said Paul Judge, Board member at Greenwood. “It is an important milestone to have two black-owned companies on both sides of an M&A transaction. It brings a new meaning to the term ‘black-on-black’.”
“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. “The combined efforts of Greenwood and The Gathering Spot will expand the collective power of minorities to impact the wealth gap.”
Read more here – https://bankgreenwood.com/TGS/