The news: Greenwood, a US neobank geared toward Black and Latino communities, and co-founded by rapper and entrepreneur Killer Mike, is making a financial education push ahead of its expected early 2022 launch.
The neobank’s initiative is hosted by Greenwood Studio, a content marketing shop that will support podcasts, video series, and a business directory.
Greenwood Studio has an inaugural lineup of five original works, including:
More on this: Greenwood has launched the studio after opting in June to postpone the neobank’s public debut due to high demand—it currently counts over 500,000 sign-ups on its waitlist.
Greenwood’s targeted communities make up larger proportions of unbanked and underbanked people than their population shares. Black and Latino Americans face disproportionate financial obstacles, per data cited by Fast Company, including Black loan-applicants facing an 80% higher rejection rate than their white counterparts.
Greenwood’s celebrity-backed marketing strategy follows similar initiatives from other US banking players.
The opportunity: Greenwood Studio helps the neobank build up anticipation and brand familiarity during the lead-up to its launch, keeping those who have signed up engaged while they wait and bolstering its customer-acquisition drive.
Operating a content-marketing arm also helps Greenwood to differentiate itself from other niche neobanks that are seeking to build Black and Latino customer bases.