Greenwood Inc., a digital banking platform for Black and Latino individuals and businesses, acquired Valence, a Los Angeles-based firm that provides an online professional community, job board and recruiting database focused on Black professionals.

The transaction closed June 21 for a 100% stake in the firm.

“This is a powerful moment in Black business history where we are combining three of the strongest communities focused on Black professionals and their career and financial needs,” Greenwood founder and CEO Ryan Glover said.

Founded in 2019, Valence has partnered with more than 400 corporations to source and diversify their workforces at all levels, including the C-suite, through its pipeline recruiting database.

As part of the deal, Valence co-founder Kobie Fuller will be on the Greenwood advisory board. In addition, CEO Guy Primus will retain his current role and serve as VP at Greenwood.

“Joining with Greenwood is a commitment to our community and accelerates our mission towards creating new paths to success for Black professionals and fuels our efforts towards closing the racial wealth gap,” Fuller said.

Valence has raised over $7 million from GGV Capital and Upfront Ventures.

In 2020, Valence launched the Valence Funding Network initiative to link Black entrepreneurs with top partners at firms including Accel, Sequoia, GGV and First Round Capital.

Greenwood’s announcement follows its recent acquisition of The Gathering Spot, a private membership network focused on the Black community.