The Gathering Spot and Greenwood have reportedly resolved a business dispute that recently went public. On July 24, both organizations released a joint statement that announced a resolution.
“Greenwood was founded to support financial freedom and economic prosperity for the Black community, and we acquired The Gathering Spot last year to combine forces towards this common mission,” said Ryan Glover, CEO & Co-founder of Greenwood. “We are ready to finish what we started, in the same spirit that we began with and continue to build and grow our community,” said Ryan Wilson, CEO of The Gathering Spot.
Last week, several social media posts reported that TGS co-founder TK Peterson would be moving on from his position with the company.
Furthermore, a lawsuit filed by TGS CEO, Ryan Wilson, alleged that Greenwood engaged in misconduct, fraud, and a failure to pay $5 million in connection with TGS meeting a business target. Greenwood denied the allegations.
Greenwood, a fintech company, acquired TGS in April 2022.
In the recent statement, the two sides revealed that The Gathering Spot will continue to operate as an independent subsidiary of Greenwood under the leadership of its co-founders, Wilson and Petersen. Together, they will continue to deliver features including community building, personal finance content, and banking services.
“No one wins when the family feuds. We apologize for distracting our communities over the last week as this became a topic of so much public discussion. As we work together to build for our community and customers, we will continue to hold ourselves to the highest standards,” said both Ryan Glover and Ryan Wilson.
