Greenwood, a Black-owned digital banking platform, has announced it has acquired Kinly, a fintech bank that supports the Black community.

The move will help Greenwood grow its customer base to above one million members and provide Kinly’s community with access to financial products associated with the bank.

“Kinly has always shared in our commitment to building a more transparent banking experience for Black Americans,” Ryan Glover, CEO and co-founder of Greenwood, said in a statement. “The acquisition of Kinly represents a massive milestone for Greenwood as we continue in our shared effort to elevate financial tools available for our community. In partnership with Donald Hawkins from Kinly, we plan to grow our footprint and expand our services to provide best-in-class experiences for Black and brown families and businesses.”

The acquisition is Greenwood’s third in the last year. It previously acquired The Gathering Spot, A3C, and Valence.

“It is another proud moment to have two Black-owned companies on both sides of an M&A transaction,” Paul Judge, a board member at Greenwood, said in a statement. “This shows the power of collaboration within the community. It is often said that if you want to go far, go together. This collaboration is a stellar example of that belief. We welcome Donald and Kinly to the Greenwood family.”

Since its launch in 2020, Kinly has raised $20 million in funding from key investors like Forerunner Ventures, Point72 Ventures, Anthemis, and Kapor Capital to support Black entrepreneurs. It provides early access to direct deposit funds, cash-back rewards, and overdraft protections.

Donald Hawkins, founder and CEO of Kinly, will join Greenwood’s executive team as a vice president focusing on economic empowerment in Atlanta and beyond.

“Kinly’s mission of financial empowerment and wealth-building stems from lessons learned from Black America’s history,” Donald Hawkins, CEO of Kinly, said in a statement. “The needs of our communities are many, and I couldn’t be more excited to combine efforts with Greenwood to create lasting generational change.”