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." 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. Wilson is claiming he and his fellow TGS shareholders are owed a $5 million earn-out payment and other considerations.
What s going on with Greenwood and The Gathering Spot?
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