Core Innovation Capital, a NYC-based venture capital firm created by the Center for Financial Services Innovation (CFSI), has closed a $45m fund focused on investing in companies committed to improving the financial security of underbanked consumers.
Partners in Core Innovation Capital I, L.P., include Goldman Sachs and top banks, asset managers, and endowments.
Led by principals Michael Harris and Arjan Schütte, the firm invests in innovative and socially responsible financial services that use technology to drive down costs for underbanked and unbanked consumers in the United States.
The fund’s first investments are:
– SavvyMoney (formerly known as GoalSpring Financial), a do-it-yourself online tool for debt reduction, and
– Plastyc, which provides affordable Internet-based banking services.