In today’s economic climate, from recession fears to rising interest rates, financial health issues have never been more important. Companies like Discover Bank are at the forefront of helping startups focus on financial health.
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Discover Financial Health Improvement Fund
Discover Bank launched the Discover Financial Health Improvement Fund, a mission-driven investment fund aimed at supporting startups and early stage technology companies.
These companies aim to improve the economic well-being of low- and middle-income individuals, communities and small businesses. The bank initially pledged $36 million in capital to launch the fund.
Matthew Parks, vice president of Discover Bank, said: “We continually seek innovative ways to support the communities in which we operate, and the creation of the Discover Financial Health Improvement Fund is a step in that direction. It’s a unique way,” he said. “As technology continues to evolve, we want to fund entrepreneurs who find creative ways to benefit people of modest means. Our hope is that it will be very beneficial.”
With over $30 million in investment, the Discover Financial Health Improvement Fund has the capital it needs to make a big impact on financially sound startups and their customer bases.
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Discover Bank can help
Discover Bank is not working on this project alone. The company partners with major players in the financial industry, including:
Financial Health Network: We work with investment funds to evaluate startups based on their potential to improve their financial health.
Resilience VC: Manage your early-stage investment in Discover
Chart line capital: Manage Discover’s late-stage investments.
Given that many consumers and small businesses do not have access to affordable and suitable financial products, we see Discover as a great opportunity. The bank aims to develop a successful business model while improving the economic conditions of low and middle income groups, especially in the Mid-Atlantic region.
You too can invest in early-stage financial startups
As an individual private investor, you also have the opportunity to invest in early stage financial and technology companies. Federal law changes now allow anyone to invest in startups. For example, you can invest online through his StartEngine, the largest US-based equity crowdfunding platform.
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This article Discover has launched a fund for startups focused on financial health.
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