1. Analysis
April 27, 2022updated 28 Apr 2022 1:46pm

US neobank Cogni launches with $23m financing

Lifestyle-focused digital lender Cogni has made its debut after securing $23m in a Series A investment round led by Hanwha Asset Management and CaplinFO.

Bluewatch Ventures, Alsara Investment Group, Solana Ventures, FTX Ventures, Ship Capital, Thirty Five Ventures, and ROK Capital too joined the fundraising.

The New York-based neobank will further the development of its core technology and infrastructure and expand its employee headcount utilising the capital.

It will also use the infusion to increase its offerings and user base.

Ship Capital general partner Dylan Macalinao said: “Currently, mainstream crypto adoption is limited by clunky user interfaces designed only for power users.

“Cogni is the bridge that will make crypto and NFT accessible to everyday users.”

Founded in 2018, Cogni aims to be a digital bank that seamlessly integrates banking as well as lifestyle choices. 

It claims to help in bridging the gap between Web2 and Web3 services through its mobile banking platform.

The bank eventually plans to enable plug and play access to Web2 and Web3 capabilities across traditional finance, metaverse, crypto, NFTs, as well as gaming.

Currently, it provides zero fee banking services, along with discounted digital gift cards. It also helps monitoring of carbon emissions based on transactions. 

It intends to offer a “more comprehensive and compatible” banking platform in the near future by developing its Web3 capabilities, with plans on to provide a multichain wallet and a high-yield savings account.

Cogni CEO and founder Archie Ravishankar said: “When I thought about my own needs, and those of the people around me and the way we interact with the world, I figured we needed to build a banking platform that aligned with those personalised needs, including this incredible migration into and at the intersection of the Web2 and Web3 spaces.”