CNote, a women-led impact platform on a mission to close the wealth gap, has raised $7.25m in its oversubscribed Series A round.
American Family Insurance Institute for Corporate and Social Impact led the round. Astia Fund, BankTech Ventures, Commerce Ventures, CityRock Venture Partners and other investors, also joined the round.
Existing CNote backers also invested in the Series A. These include The Artemis Fund, BLD Ventures, Golden Seeds, Lateral Capital V LP, ManchesterStory Venture Fund, Oxford Angel Fund and Rebalance Capital.
This capital injection will enable CNote to enhance its technology, grow its sales team and deepen its network of community financial institutions.
CNote was co-founded by Catherine Berman and Yuliya Tarasava. Through technology and a community-first framework, CNote enables corporations, institutions and individuals to efficiently invest at scale in fixed-income and time deposit products that advance economic equality, racial justice, gender equality and climate change adaptation.
Berman said, “We’re addressing a massive systemic problem with a market-friendly platform that has already been adopted by forward-thinking corporations and other institutions.
“By pumping hundreds of millions of dollars into undercapitalized communities, CNote is activating corporate dollars for systemic change while minimising risk.”
The women-led impact platform gives corporations a simple, safe way to deploy ESG cash and fixed income in underserved communities at scale. CNote places investor funds into deposit and loan products through a network of over 2,000 impact-driven community financial institutions that serve low- to moderate-income communities, support women and people of colour entrepreneurs, fund affordable housing and provide other forms of economic inclusion.
Berman said, “For CEOs, CFOs and large institutional investors, CNote has the network, the community finance expertise and the technology to provide unparalleled access to ESG cash and fixed-income opportunities at scale alongside trackable impact. We’ve reduced the friction points so they can activate their balance sheets quickly and with minimal effort.”
In other WealthTech news, investing app Hedgehog recently exceeded its crowdfunding target.
Copyright © 2022 FinTech Global
