The Clinton Global Initiative (CGI) announced its support for The Center for Financial Services Innovation (CFSI) and CFSI’s commitment to launch a venture capital fund, which will invest in dynamic financial companies with the potential to succeed in the marketplace and deliver transformational change for underbanked consumers.
A nonprofit affiliate of ShoreBank Corporation, CFSI works with leaders and innovators in the business, government and non-profit sectors to transform the financial services landscape and therefore the lives of underserved communities.
Commenting on the announcement, Arjan Schütte, CFSI Associate Director, said: “My partners and I are honored to work with the Clinton Global Initiative members to find new ways to improve people’s lives.
“Our past investments demonstrate how the energy and creativity of the marketplace can be harnessed to fuel positive change. While the fund’s investment strategy will be highly selective, we believe the ripple effect across underserved communities could impact more than 10,000,000 people, helping to stabilize lower income families and put them on the path to prosperity”.
According to an official statement, Univision Communications Inc., the nation’s Spanish-language media company, will be a strategic partner, including providing insight into the needs of the Hispanic community.