Discover Bank has launched the Discover Financial Health Improvement Fund, a mission-driven investment fund aimed at supporting startups and technology companies working on solutions to enhance the financial health of low- and moderate-income individuals, communities, and small businesses. The bank has committed an initial capital of $36 million to the fund.
Facts
- Discover Bank has launched the Discover Financial Health Improvement Fund to support startups and early stage technology companies working on solutions to improve financial health.
- The bank has made an initial capital commitment of $36 million to the fund.
- The Financial Health Network, a prominent advocate for financial health, will collaborate with the investment fund to evaluate startups based on their potential impact on financial health improvement.
- ResilienceVC, a seed-stage venture firm focusing on embedded fintech startups, will manage Discover’s earlier-stage investments.
- Chartline Capital, a broad-based B2B venture investor, will manage Discover’s later-stage investments.
- Discover aims to develop profitable business models while directly enhancing the financial lives of low- and middle-income individuals, particularly in the Mid-Atlantic region.
- The Discover Financial Health Improvement Fund is an investment framework dedicated to providing capital investments to fintech startups developing solutions to improve the financial health of low- and moderate-income individuals, communities, and small businesses.
