Greenwood Acquires Private National Club The Gathering Spot In Black-Owned Business Merger
13th May 2022 by BOTWC Staff
13th May 2022 by BOTWC Staff
This is a game-changer!
Greenwood, Inc. has acquired private national club, “The Gathering Spot,” in a one-of-a-kind Black-owned business merger, Businesswire reports.
Greenwood, a digital banking platform for Black and Latino individuals and business owners, is expanding their footprint, recently acquiring The Gathering Spot (TGS), a national private membership network that caters to Black professionals. TGS has more than 12,000 members that span the industry, representing companies that include Apple, Goldman Sachs, Meta, NAACP, Revolt, Truist and Spotify. Alongside Greenwood’s thousands of account holders with an onboarding waitlist in the hundreds of thousands, combined the two companies boast a community of more than one million people.
Both Greenwood and TGS share a mission of empowering minorities to financial freedom through community building and group economics. Already TGS offers its members a curated network of industry professionals, unique experiences, exclusive content, concierge services, and access to their flagship clubs in Atlanta, Washington, D.C., and Los Angeles, equipped with co-working spaces, meeting rooms, event space, a restaurant, and bar. The national club also has Connected City communities across the country in New York City, Chicago, Detroit, Charlotte, and Houston. Under the new merger, members will have even more perks including personal finance content and enhanced banking services.
“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. 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,” said Ryan Wilson, Co-founder and CEO of TGS.
Wilson will continue in his role at TGS while also serving as the new Chief Community Officer at Greenwood. TGS co-founder and COO TK Petersen will also continue in his duties and serve as the new Vice President at Greenwood. Petersen said the merger is a win-win for TGS members and will continue to bring new possibilities to the community.
“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. We are excited to bring these two communities together and continue to innovate and roll out combined products and offerings to our community,” said Petersen.
The weight of this moment is not lost on either side, both realizing that this particular acquisition will have huge ripples in the culture, allowing Black and brown business leaders across the country to have true equity and inclusion in the financial sector.
“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. The combined efforts of Greenwood and The Gathering spot will expand the collective power of minorities to impact the wealth gap,” said Greenwood co-founder and chairman, Ryan Glover.
The digital banking platform believes this acquisition is critical to creating a true community around wealth building in a way that hasn’t been done before. With an array of business and cultural leaders at TGS, Greenwood will have access to a core network of individuals that have the potential to influence the masses.
“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. It is an important milestone to have two Black-owned companies on both sides of an M&A transaction. It brings new meaning to the term ‘black-on-black,’” said Greenwood Board member Paul Judge.
Photo Courtesy of Greenwood/The Gathering Spot