Apple commits capital to empower underserved communities

Apple has committed $25m via the CNote platform, an Oakland-based FinTech, to support underserved communities across the country.

Apple’s $25m commitment is part of its broader Racial Equity and Justice Initiative, an effort to address systemic racism in America and expand opportunities for communities of colour. The new funding builds on Apple’s previously announced commitments to expand economic empowerment and support entrepreneurs of colour.

CNote has deployed an initial round of Apple deposits to mission-driven financial institutions, including ANECA Federal Credit Union in Louisiana; Bank of Cherokee County in Oklahoma; Carver State Bank in Georgia; Education Credit Union in Texas, and more.

Lisa Jackson, Apple’s vice president of environment, policy and social initiatives, said, “We’re committed to helping ensure that everyone has access to the opportunity to pursue their dreams and create our shared future. By working with CNote to get funds directly to historically under-resourced communities through their local financial institutions, we can support equity, entrepreneurship and access.”

Catherine Berman, CEO of CNote, added, “Corporations have an enormous opportunity to help communities across the US thrive by changing the way they manage their cash reserves, and we’re excited to see Apple at the forefront of this emerging trend. Through our platform, we have already started moving Apple deposits into low-income communities and communities of colour.”

Copyright © 2022 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research


The following investor(s) were tagged in this article.