Greenwood, the financial technology startup established by prominent Atlanta figures, is moving its headquarters from Atlanta to Tulsa, Oklahoma. This strategic shift is being spearheaded by the company’s new CEO.
Greenwood was founded in 2020 as a digital banking platform designed to help close the racial wealth gap in the U.S. and offer financial services to Black and Latino consumers. The company’s name pays homage to the prosperous Black community in Tulsa, known as Black Wall Street before being destroyed by a white mob in 1921.
Among the founders are activist and rapper Michael “Killer Mike” Render, former Atlanta Mayor Andrew Young, entrepreneur Paul Judge, and former Bounce TV executive Ryan Glover, who previously served as Greenwood’s CEO.
However, the company now has new leadership. Dave Cotter, a Seattle-based tech veteran, became CEO in July. Cotter stated that moving the headquarters to Greenwood in Tulsa was a “no-brainer.”
“The headquarters, candidly, should have probably always been in Greenwood,” Cotter said. “That’s the legacy that this company was built on, and that legacy should be cemented… it should be more than marketing. It should be substance.”
Greenwood currently operates with a lean structure, employing approximately 16 people, according to Cotter.
While Greenwood does not have an office in Atlanta, its employees have primarily worked remotely. The relocation to Tulsa won’t necessitate any employee relocation from Atlanta, but the symbolic impact on the city is significant. Cotter noted that the company will continue to have a presence and maintain a strong customer base in Atlanta. As part of the Tulsa move, Greenwood will establish a physical office.
This move marks one of the most significant changes since the company announced its acquisition of The Gathering Spot, an Atlanta-based networking and coworking hub, in 2022. However, the business relationship soured in 2023, and by the end of that year, The Gathering Spot separated from Greenwood, although Greenwood remains an investor.
The headquarters move coincides with Greenwood’s new direction under Cotter, who has previous experience at Microsoft and Amazon and founded a tech company acquired by Nordstrom.
Cotter is eager to apply his experience in online marketplaces and customer engagement to Greenwood’s mission.
“It is a different company than how I would characterize what it was before,” Cotter said. “Same mission, same vision, but the way that we’re executing and how we think about the winning strategy is different.”
To this end, the company announced on Monday the launch of a new cash-back program for its paying Greenwood members. Members can earn up to 10% back when they use their Greenwood debit card at participating Black-owned businesses.
The program is being piloted at three Atlanta companies — Café Bartique, Kitchen Cray, and The Hidden Gym — but Greenwood is planning to expand to Tulsa soon and is also accepting applications from businesses nationwide that want to participate.
The company also launched an online marketplace on Monday, connecting consumers to third-party loan providers. Cotter clarified that this program differs from the financing Greenwood provided to Killer Mike and rapper Clifford “T.I.” Harris in late 2023 for their Bankhead Seafood revamp.
Cotter believes Greenwood can help reduce the racial wealth gap by influencing where Black consumers spend their money. According to a 2021 study by the University of Georgia’s Selig Center for Economic Growth, African Americans possess a buying power of $1.6 trillion, but only 2% is currently directed towards Black businesses.
“If you were able to move that half a percent, you’re talking billions of dollars, and those dollars then help Black businesses grow,” he said. “Black businesses are struggling, and the pullback around (diversity, equity and inclusion) … as a community at large, I mean, we’ve got to drive more spending.”
