AceShowbiz - Rapper and activist Killer Mike has unveiled his very own mobile banking platform in an effort to provide financial support to black and Latinx communities.
The "Run the Jewels" star partnered with Bounce TV boss Ryan Glover to launch Greenwood, named after the affluent early 1900s black neighbourhood in Tulsa, Oklahoma, known as Black Wall Street, before it was infamously burned down by a racist white mob.
The entrepreneurs unveiled the new establishment on Friday, October 09, ahead of an official launch in January.
In a press release, the musician declared, "Today, a dollar circulates for 20 days in the white community but only six hours in the Black community. Moreover, a Black person is twice as likely as a white person to be denied a mortgage. This lack of fairness in the financial system is why we created Greenwood."
As part of their efforts to give back to local communities, Greenwood bosses have vowed to donate five free meals to a struggling family for every new customer who signs up, while with every swipe of a Greenwood debit card, they will make a donation to the United Negro College Fund, food waste elimination firm Goodr, and the civil rights organisation National Association for the Advancement of Colored People (NAACP).
In addition, they will provide a $10,000 (£7,650) grant each month to different small business owners in minority communities.
They began taking applications online on Thursday, and there is already a waiting list to open accounts.
Discussing the flood of interest in the first few days of operation, Glover told CNN, "I will say we're in the tens of thousands. That number is increasing by the day."
As for the bank's main goal, Glover shared, "In order to build wealth, you need bank capital."
"We will identify qualified entrepreneurs, business owners and creatives to equip them with the capital needed to make their dreams a reality."