Core Innovation Capital raises $45 million to cut costs in financial services

Invested in SavvyMoney and Plastyc

Venture capital firm Core Innovation Capital has raised $45 million in private equity for its first fund, led by Goldman Sachs. Created by a non-profit US consultancy, the Centre for Financial Services Innovation (CFSI), Core Innovation Capital will invest in socially responsible financial services providers, using technology to cut costs for US consumers. The firm’s first two investments are an online debt reduction tool, SavvyMoney, and an internet-based bank called Plastyc. This is the first in a planned series of specialised funds supporting CFSI’s focus on US consumers who rely on pay-day loans and other unsatisfactory financial solutions.

In addition, Core Innovation Capital is earmarking $10,000 for a cash prize for the most innovative socially responsible financial services product, to be awarded in June at CFSI’s Underbanked Financial Services Forum.

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