Greenwood, the digital banking platform for Black and Latino individuals and business owners, today announced it has selected Mastercard as its network of choice for its first debit card.
The Greenwood matte black debit Mastercard will provide cardholders a digital-centric user experience, an extensive list of security and concierge benefits, and innovative giveback programs focused on supporting Black and Latino causes and businesses.
Together Greenwood and Mastercard will deliver an Enhanced Mastercard® debit program that will provide all members financial management services and protections such as ID Theft Protection™ providing credit monitoring and transaction alerts, emergency card replacement, Mastercard Airport Concierge™, as well as access to once-in-a-lifetime exclusive Priceless offers and experiences.
Customers can upgrade to a Greenwood Premium membership that comes with the exclusive metal Greenwood World Debit Mastercard® providing expanded services and offerings including Identity Fraud Expense Reimbursement® insurance of $1,000 per claim, 30 day Price Protection® up to $250 per claim, enhanced luxury travel services, 90 days of Purchase Assurance® on damaged or stolen goods, as well as discounted access to private golf courses, Priceless Lessons and more.
In addition to the card partnership, Greenwood and Mastercard will bring unique financial education tools to the market, including a daily podcast this summer. The podcast will provide engaging and educational content about banking, financial planning, home ownership, capital for small business, and wealth creation. The goal is help provide knowledge and opportunities that address the racial wealth gap.
“As Greenwood works toward bringing practical products to market this summer, it’s encouraging to know that Mastercard is aligned with our mission of economic empowerment for people of color,” said Ryan Glover, Chairman and Co-Founder of Greenwood. “Mastercard’s desire to partner with us to produce content that will speak directly to our community while also providing access to the exclusive World Debit program means Greenwood customers will get a best-in-class product and the tools to grow wealth. Both of these benefits map directly to our mission.”
“Families of color experience greater financial insecurity because of systemic barriers in our financial systems,” said Sherri Haymond, executive vice president of Digital Partnerships for Mastercard. “By supporting the financial needs of individuals and businesses within communities of color we can help foster a cycle of prosperity. Greenwood and Mastercard share a commitment to creating a path to wealth creation by delivering financial solutions and resources that address systemic barriers and advance economic empowerment.”
Access to financial services is more than money in the bank, it’s about access to secure digital financial tools that can support savings, insurance, home ownership and more. There is a gap in the market for products and services that are designed with and for Black consumers at every stage of their financial journey. To help close this gap, Mastercard is an investor in Greenwood through their recently announced $40MM Series A funding round and is now partnering to launch The Greenwood Debit Mastercard. This partnership also furthers Mastercard’s commitment to bring one billion people into the financial mainstream by 2025 and its In Solidarity commitment of $500MM in products, services, technology and financial support to help close the racial wealth and opportunity gap.
Greenwood, which was announced as the first digital banking platform for Black and Latino people and business owners in October 2020, has since secured a waitlist of more than 550,000 community members.