Mastercard has expanded its partnership with female-founded impact investment platform CNote with a commitment to CNote’s Promise Account, an insured, 100% impact cash management solution. Mastercard and the Mastercard Impact Fund are collectively deploying $20 million into the Promise Account to provide recovery and growth funding for underserved communities across the U.S.
Supporting a More Inclusive Funding Ecosystem
Mastercard’s expanded partnership with CNote, which began with CNote’s earlier participation in Mastercard’s start-up engagement program, is a continuation of its efforts to ensure that entrepreneurs have access to the funding they need to start and grow their businesses affordably, safely, quickly, and efficiently,
Through the $20 million commitment to the CNote Promise Account, funds will be deposited into Community Development Financial Institution (CDFI) banks and Low-Income Designated credit unions that focus on supporting communities of color and low-income communities across the U.S. This is part of Mastercard’s broader commitment to help close the racial wealth and opportunity gap, starting in seven cities across the country.
“The inequalities that exist are deeply ingrained in historic systems and processes, which means we have to make an ongoing, active effort to redesign them,” said Catherine Berman, CEO of CNote. “Financial freedom and economic opportunity should be accessible to all – and not denied because of the color of someone’s skin or where they were born. This is what we are fighting for at CNote.”
A Pathway to Financial Security
Mastercard’s commitment to addressing inequalities in our financial systems builds on a decade of leadership in financial inclusion. Recognizing the vital role CDFIs can play in providing access to funding and pathways to financial security for underserved communities, the Mastercard Center for Inclusive Growth has partnered with leading CDFI organizations, including Community Reinvestment Fund USA (CRF), Accion Opportunity Fund, Center for Economic Opportunity and Grameen America, to help them integrate digital technologies so they can connect a greater number of micro and small businesses to the capital they need to grow.