Apple invests $25m to help underserved communities via US fintech CNote

California-based impact investment fintech CNote has announced that Apple will use its platform to invest $25 million into underserved communities across the US.

Apple plans to deploy $25m through CNote

Apple’s $25 million commitment is part of its broader Racial Equity and Justice Initiative, which aims to address systemic racism in America and give more opportunities for communities of colour.

Catherine Berman, CEO of CNote, says that the firm has already started moving Apple’s money into the communities through its platform.

The institutions receiving the initial round of Apple’s deposits include ANECA Federal Credit Union in Louisiana, Bank of Cherokee County in Oklahoma, Carver State Bank in Georgia and Education Credit Union in Texas, among others.

CNote aims to close the wealth gap through financial innovation. Its platform enables corporations and individuals to invest in fixed income and time deposit products that aid economic equality, racial justice, gender equity and climate change initiatives.

The company also reports regularly on the social impact of deposits and investments made through its platform.

Other CNote clients include Mastercard, Patagonia, PayPal and Netflix.