Discover Launches $36 million Fund Aimed to Improve Financial Health in Delaware
13 Giugno 2023 - 12:00PM
Business Wire
Discover Bank has launched a new mission-driven investment fund,
the Discover Financial Health Improvement Fund, to 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. Discover Bank has made an
initial capital commitment of $36 million.
“We continually explore innovative ways to support our
communities in which we operate and creating the Discover Financial
Health Improvement Fund is a unique way of doing that,” said
Matthew Parks, vice president of Discover Bank. “As technology
continues to evolve, we want to fund entrepreneurs who have
identified creative ways to benefit those of modest means. It is
our expectation that these technologies can both be profitable and
beneficial to the community.”
The Financial Health Network, the leading voice on financial
health, will partner with the investment fund on evaluating
startups for their potential impact on improving financial health.
“With nearly 20 years of expertise identifying and supporting
fintech innovators that are moving the needle on financial health,
we are well positioned to support Discover’s new fund and its
mission,” said Adeeb Mahmud, Chief Program Officer, Financial
Health Network.
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. Vikas Raj,
Co-founder and Managing Partner at ResilienceVC says, “Tahira and I
started ResilienceVC to support the next generation of fintech
startups in the US who are driving financial resilience for all
Americans. We are thrilled to partner with Discover to augment our
funding and support for these companies.”
Chartline Capital, a broad-based B2B venture investor based in
Delaware, will be managing Discover’s later-stage investments. Ben
duPont, Co-founder and Managing Director at Chartline Capital
Partners says, “throughout time, new technologies have made
people’s lives better. Chartline is honored to partner with
Discover to invest in companies leveraging new financial
technologies to improve the lives of low- and moderate-income
people, communities, and small businesses.”
Given the large number of consumers and small businesses that
are unserved and underserved with affordable and relevant financial
products, Discover believes there is an excellent opportunity to
develop successful business models while also directly improving
the financial lives of low- and middle-income people, particularly
in the Mid-Atlantic region.
About the Fund
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.
About Discover
Discover Financial Services (NYSE: DFS) is a digital banking and
payment services company with one of the most recognized brands in
U.S. financial services. Since its inception in 1986, the company
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. For more
information, visit www.discover.com/company.
About ResilienceVC
ResilienceVC is a venture firm investing in embedded fintech
startups that build resilience for users and deliver returns for
investors. The firm invests in seed-stage startups where fintech
integrated into core services and channels plays a key role in
helping consumers and small businesses thrive. Founded by Vikas Raj
and Tahira Dosani, the ResilienceVC team has a decade of experience
in seed stage fintech investing and has supported over 75
innovative and impactful fintech startups. We use our extensive
knowledge of the sector and of early stage investing to identify
and support the next generation of resilient fintech entrepreneurs.
More on ResilienceVC can be found here:
https://www.resilience.vc/
About Chartline Capital
Chartline Capital Partners is a leading venture capital firm
that invests in high-growth B2B technology companies serving core
industries. The firm aims to invest after companies have started
scaling their go-to-market and help exceptional founders and
management teams accelerate growth. Chartline believes that
entrepreneurship and venture capital can be leveraged to improve
the world around us. Founded in 2012 by Ben duPont and Phil Stern,
the firm is based in Wilmington, Delaware. More on Chartline’s
investment criteria, team, and current portfolio can be found here:
https://www.chartline.com/.
About Financial Health Network
The Financial Health Network is the leading authority on
financial health. We are a trusted resource for business leaders,
policymakers and innovators united in a mission to improve the
financial health of their customers, employees, and communities.
Through research, advisory services, measurement tools, and
opportunities for cross-sector collaboration, we advance awareness,
understanding, and proven best practices in support of improved
financial health for all. For more on the Financial Health Network,
go to www.finhealthnetwork.org and follow us on Twitter at
@FinHealthNet.
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version on businesswire.com: https://www.businesswire.com/news/home/20230613658489/en/
Media Contacts Robert Weiss Discover
robertweiss@discover.com 224-405-6304 @Discover_News Michael
Salmassian Financial Health Network
msalmassian@finhealthnetwork.org @FinHealthNet Vikas Raj &
Tahira Dosani ResilienceVC tahira@resilience.vc vikas@resilience.vc
(202) 751-6484 @resilience_vc
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