Discover Bank has launched a new mission-driven investment fund, making an initial capital commitment of $36m.
The Discover Financial Health Improvement Fund will support startups and early stage technology companies who are developing solutions to improve the financial health of low- and moderate-income people, communities, and small businesses in Delaware.
The Financial Health Network will partner with the investment fund on evaluating startups for their potential impact on improving financial health. ResilienceVC, a seed-stage domestically focused venture firm investing in embedded fintech startups based in Washington DC, will be managing Discover’s earlier-stage investments. Chartline Capital, a broad-based B2B venture investor based in Delaware, will be managing Discover’s later-stage investments.
The Financial Health Improvement Fund is an investment framework to drive capital investments to fintech startups that are developing solutions that will improve the financial health of low- and moderate-income people, communities, and small businesses.
Discover Financial Services (NYSE: DFS) is a digital banking and payment services company which has become one of the largest card issuers in the United States. The company issues the Discover® card, America’s cash rewards pioneer, and offers private student loans, personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business. It operates the Discover Global Network® comprised of Discover Network, with millions of merchants and cash access locations; PULSE®, one of the nation’s leading ATM/debit networks; and Diners Club International®, a global payments network with acceptance around the world.
FinSMEs
13/06/2023