Dave Cotter New CEO of Greenwood
I’m excited to share that I’m the new CEO of Greenwood!
Greenwood is a technology company that provides financial services to the Black community (debit cards, high-yield savings accounts, investment tools). If you’re familiar with Greenlight, which focuses on financial services for families and kids, or Ellevest, which supports women in investing, Greenwood brings that same focus to the Black community.
You can read more below, but our vision is anchored on driving spending within the Black community, expanding capital access for Black entrepreneurs, democratizing wealth building, and fostering a national digital community that celebrates progress and honors the legacy of the original Greenwood district.
When I told my dad about my new role, his eyes lit up! He said, “The name Greenwood is more than a town; it’s a symbol of what’s possible and the resilience of our community. Lace ‘em up. Let’s go.” His words hit hard, and my brothers felt the same way. His reaction reminded me why Greenwood’s mission matters so much—and how our community is strongest when we lift each other up.
Connecting the past to the future
Our company is inspired by the original Greenwood District in Tulsa, Oklahoma, aka ‘Black Wall Street’. Greenwood had over 10,000 residents and 600 businesses, and was a symbol of the power of economic self-sufficiency. It was burned down by a white mob in 1921. So as a digital-first platform, it’s important we bridge the digital present with the powerful legacy of our past. For example in our registration flow contains facts and insights about the original Greenwood District—Black Wall Street. Our legacy is our future.
Driving spending within the Black community
Fast forward, and there are 47 million Black consumers in the U.S. that drive a collective annual buying power of $1.6 trillion annually. However, only 2% of that— $32 billion annually—goes to Black-owned businesses, restaurants, or service organizations. So our strategy isn’t just about financial products; it’s about leveraging technology that directs that spending power back into the Black community. Just imagine increasing that share by 0.5%—that’s an additional $8 billion flowing into Black-owned businesses. And it doesn’t stop there. Research shows that money spent at Black-owned businesses circulates within the Black community 1 to 1.5 times before leaving, creating a potential economic impact of up to $48 billion. So we’re building programs to allow our members to earn cash back for buying from Black businesses and restaurants in our network. That’s the kind of reinvestment we’re working to make happen.
Helping Black Entrepreneurs get access to the capital they need
According to LinkedIn’s “Black Business Boom” report, 77% of Black professionals aspire to start their own business or become entrepreneurs within the next year. The problem? 37% of Black entrepreneurs hesitate to apply for loans because they fear rejection, compared to just 12% of white entrepreneurs. Reducing that fear-of-denial rate to 20% could unlock an additional $13.8 billion in approved loans. So we’re connecting Black entrepreneurs, students, and individuals to loan partners through our Marketplace.
Democratize literacy and wealth building
Only 16.6% of Black households own stocks compared to 30.9% of white households, and Black households have a median savings balance of $2,500 versus $13,500 for white households (Federal Reserve, Census Bureau). For example, increasing Black household stock ownership from 16.6% to 30.9% (matching white households) could add $17 billion in invested capital, assuming an average portfolio of $10,000. For savings, imagine raising the median balance from $2,500 to $8,000 for 12 million Black households would inject $66 billion into community-held savings. Together, these changes could bring an additional $83 billion into Black communities. So we’re exploring ways that AI can democratize financial literacy and wealth building with cultural relevance and data specific to the Black community, breaking down the barriers that have historically left Black communities underserved.
Creating a sense of belonging
For us, community isn’t just a word—it’s a sense of belonging. That’s why we’re building digital and national connections across the Black community and beyond. Our “Greenwood” campaign embodies this vision, showcasing what it means to belong to a financial community that truly supports you. Being part of Greenwood means more than having a debit card—it’s about empowerment, pride, and directing dollars to strengthen our community.
“I’m not a fan a big banks. So I got really excited about Greenwood because it was connected to modern black culture. And I was excited to be a member.” – Lauran Baksh, Greenwood member since 2020
- Lauren’s Story: https://www.youtube.com/watch?v=5RR6lyIfJ00
The intersection of experience meets impact
I’m excited to be working with a team with a wealth of expertise from Greenlight, Kinly, Amazon, Meta, SoFi, Google, Nordstrom, and ParkMobile. But it’s not just our professional backgrounds that matter. It’s our shared purpose that truly counts. We’re not just building a company—we’re creating something meaningful and lasting for the Black community. We’re also backed by some of the best in the business, including long time FinTech VC, TTV Capital, known for their investments in Greenlight, Bill.com, and Charlie.
Now, it’s time to roll up our sleeves and get to work. I’m thrilled to be leading Greenwood, and I can’t wait to see what we can achieve together.
If you’re interested in partnering or learning more about Greenwood, let me know!
Dave