![]() The first cracks in the relationship came to light in late February, when Wilson filed a complaint against Greenwood, alleging the company engaged in “intentional misconduct to breach its purchase agreement,” thus breaking its contract. So, when Greenwood acquired TGS, reportedly for $50 million in cash and stock last year, it felt almost like kismet.īut that dream is now turning into a sad reality. According to one of Wilson’s complaints, Greenwood’s acquisition of TGS created the nation’s largest fintech and community platform meant for minorities. The companies both purported to help minorities achieve generational wealth and financial freedom through entrepreneurship and networking. ![]() The Gathering Spot was founded in 2016 as a networking platform and coworking hub for people from underrepresented backgrounds. Greenwood was founded shortly after the murder of George Floyd as a banking platform for Black and Latino communities. The turn of events hasn’t been received well by Black professionals who were part of the TGS community.Īt the outset, both TGS and Greenwood appeared not only to share a very compatible demographic focus, they also seemingly shared the ethos. TGS later clarified in an Instagram post that Petersen’s departure is unrelated to McCloskey’s hiring. ![]() Soon afterwards, Greenwood announced the hiring of Mike McCloskey as its chief financial officer. Moreover, Greenwood reportedly revealed over the weekend that TGS co-founder T’Keel “TK” Petersen is leaving the company and his role as COO of TGS. Glover and Judge did not respond to requests for comment. In turn, Greenwood has denied the claims and in its countersuit alleged that TGS’ founders misrepresented their finances, which led to unforeseen obligations over $27 million. Wilson is claiming he and his fellow TGS shareholders are owed a $5 million earn-out payment and other considerations. Ryan Wilson, the CEO and co-founder of The Gathering Spot (TGS), has sued Judge, Greenwood co-founder Ryan Glover and the fintech itself, alleging Greenwood and its founders did not pay Wilson and former TGS shareholders the earn-outs promised in their purchase agreement, that the fintech refused to pay bonuses to TGS employees, and more. When Greenwood, a neobank that courts Black and Latino customers, acquired The Gathering Spot last year - a networking and coworking club that targets similar demographics - the fintech’s co-founder Paul Judge described the merger as a “Black on Black” deal, saying it was “two companies that are Black-owned, strengthening each other.”Ī little over a year later, however, all that hope and goodwill has vanished. ![]()
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