Ohio’s first female-led bank Fortuna nears launch after raising $20.7m

New Start-Up Bank:
- Fortuna Bank, an Ohio-based start-up, is preparing to launch after securing $20.7 million in funding and receiving conditional approval from the FDIC.
Leadership:
- The bank is led by board chair Lisa Berger and CEO Ilaria Rawlins, a former executive at First Financial Bank.
Majority Female-Owned:
- Fortuna Bank will be majority female-owned and will focus on providing “boutique banking for small businesses.”
Funding Round:
- The bank recently closed a $20.7 million funding round, attracting 340 shareholders, with over 75% being women. The minimum investment was $10,000.
Investor Interest:
- Both individuals and corporations, including Ohio-based Park National Bank and OhioHealth, participated in the funding round.
Core Processing and Launch Timeline:
- Fortuna’s core processing system is under construction, with facilities expected to be ready by September 2024. The official launch is planned for fall 2024.
Upcoming Appointments:
- The bank is in the process of filling key leadership roles, including finance chief and chief credit officer.
Focus on SDIRAs:
- The bank is currently promoting investment opportunities through tax-deferred Self-Directed IRAs (SDIRAs) on its website.
Industry Context:
- Fortuna Bank is among several banking start-ups launching this year, alongside Greece’s Snappi and Australia’s Volans.