OAKLAND, Calif., June 02, 2022 (GLOBE NEWSWIRE) — Recent commitments from Apple, Netflix and Xylem brought the total funding deployed to communities through CNote’s investment platform to nearly $300 million. The milestone reflects the accelerated momentum of the women-led fintech company’s work to liberate corporate balance sheets for racial and gender equity.
“We’re seeing continued interest from large corporations in balance sheet activism. It’s a movement, not a moment,” said Catherine Berman, CEO of CNote, adding that “this interest is across industries, like Our new clients exemplify this, seeing company cash as a tool to further their DEI, ESG and racial justice goals.”
CNote empowers finance leaders to advance business goals while minimizing risk
Apple’s $25 million commitment to CNote, announced May 5, is part of its broader Racial Equity and Justice Initiative, an effort to address systemic racism in America and expand opportunities for communities of color. According to Lisa Jackson, Vice President of Environment, Policy and Social Initiatives at Apple, “By working with CNote to raise funds directly to historically underresourced communities through their local financial institutions, we can supporting equity, entrepreneurship and access”.
Diversity, equity and inclusion are core elements of Xylem’s sustainability strategy, the global water technology company said in announcing its initial commitment of $5 million, noting that the platform form of CNote “provides an easy-to-use, measurable tool to streamline Xylem’s investment with one interface while maximizing the impact created for underserved communities of color across the United States”
CNote’s platform enables businesses and other institutional investors to contribute to racial and gender equity while generating returns on fixed income and cash allocations. It places money in CDFI loan funds and deposit products, such as money market accounts and CDs, with community development financial institutions (CDFIs) approved by the FDIC and NCUA, low-income credit unions (LIDs) and minority deposit-taking institutions (MDIs).
Funds deployed through CNote’s platform increase the deposit base of mission-driven banks and credit unions that serve low- and middle-income people and Black, Indigenous and People of Color (BIPOC) communities, enabling these institutions to improve their reach and service. CDFIs fund small businesses run by women and minorities, affordable housing and economic development. LID credit unions serve communities where most people have household incomes well below the national median. And MDIs are financial lifelines for communities of color.
CNote’s impact report highlights the social dimension of ESG
Apple, Netflix, Xylem and other users of the CNote platform, including Mastercard and PayPal, receive quarterly impact reports showing how their dollars have been deployed and how communities have benefited. That’s a significant benefit given the increased focus on ESG reporting, Berman noted: “When companies activate their balance sheets to expand access and opportunities for communities of color and other underserved communities, they truly address the social dimension of ESG.”
Learn more about CNote’s platform and see sample recipients here.
CNote is a women-led impact platform whose mission is to close the wealth gap through financial innovation. Using the power of technology and a community-driven framework, CNote enables businesses and individuals to efficiently invest at scale in fixed income and term deposit products that advance economic equality, justice race, gender equity and climate change initiatives. Platform users can track their impact through CNote’s quarterly reports on the social benefits of their deposits and investments. Certified B Corporation, CNote was named B Lab “Best for the World” in 2019 and was named “Best Women-Owned Business” by the UN Women’s Empowerment Principles program in 2020.
Sarah Grolnic-McClurg | [email protected] | Primary: 510-898-1837 | Mobile: 415-828-3143
Picture 1: CNote logo
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