Greenwood, a digital banking platform for Black and Latino individuals and business owners, has partnered with Mastercard to roll out its first debit card.
The Greenwood matte black debit Mastercard is said to provide a range of security and concierge benefits for the cardholders.
It will also offer giveback programmes that support Black and Latino causes and businesses.
Greenwood and Mastercard will deliver an Enhanced Mastercard debit programme, under which all members will receive financial management services and protections such as ID theft protection.
Cardholders can upgrade to Greenwood Premium membership offering services and products such as Identity Fraud Expense Reimbursement, luxury travel services, and discounted access to private golf courses, and Priceless Lessons, among other things.
In addition to the card, Greenwood and Mastercard are also planning to launch financial education tools to the market.
This includes a daily podcast offering educational content on financial planning, banking, home ownership, and wealth creation.
Greenwood chairman and co-founder Ryan Glover said: “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.”
Mastercard was an investor in Greenwood’s recently announced $40m Series A funding round.
This partnership follows Mastercards’ commitment to bring one billion people into the financial mainstream by 2025 and is part of its Solidarity commitment of $500m to help close the racial wealth and opportunity gap.
Mastercard executive vice president of digital partnerships Sherri Haymond said: “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.”