Challenger bank Cogni raises $5.4m seed round and gears up for Q4 launch

Cogni, the online-only bank, has completed a $5.4m seed round to fund the launch of the business with the last quarter of 2019.

That is according to a note from the company seen by Crowdfund Insider. The list of investors participating in this round includes Hard Yaka, Barclays, WorldWuant Ventures and CXO Fund.

The new capital injection follows from a seed round back in 2018 when the company raised $1.7m. At the time of the previous raise, Cogni estimated it would launch earlier this year.

Cogni provides a banking app, a tap-and-go Visa debit card and a bank account. It also claims to offer personalised perks and functions to help customers save money.

The company is based in both the US and in Ireland, according to its LinkedIn page.

Challenger banks are attracting a lot of investment around the world. Back in 2014, the sector attracted $150.9m worth of investment, according to FinTech Global’s data. That grew to $1.97bn in 2018.

Copyright © 2019 FinTech Global

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