Rapper Michael “Killer Mike” Render has teamed up with civil rights icon Ambassador Andrew Young and media executive Ryan Glover to create the first digital bank geared toward Black and Latinx people.

The trio raised1 $3 million in seed funding for Greenwood, the digital bank they hope will enable customers to more easily

“It’s no secret that traditional banks have failed the Black and Latinx community,” Glover said. “We needed to create a new financial platform that understands our history and our needs going forward… This is our time to take back control of our lives and our financial future.”

Greenwood – named for the “Black Wall Street” area of Tulsa, Okla.’s former Greenwood district that was destroyed by white mobs in 1921 – provides customers with spending and savings accounts, mobile deposits, and peer-to-peer transfers that are fulfilled almost entirely online. The bank also offers a global ATM network, Apple and Android Pay services, and physical and virtual debit cards.

Glover told CNN Business2 that Greenwood received “tens of thousands” of account requests within the first 24 hours of Thursday’s announcement even though the bank doesn’t open until January.

(read more at investopedia.com)