US challenger Cogni lands $23m in Series A funding

US digital bank Cogni has raised $23 million in a Series A funding round led by Hanhwa Asset Management and CaplinFO.

Cogni raises $23m Series A

Other participants include Solana Ventures, FTX Ventures, Ship Capital, Thirty Five Ventures, ROK Capital, Bluewatch Ventures and Alsara Investment Group.

The New York-based neobank says it will use the funds to continue building its core technology and infrastructure, gain new users on the platform, expand its suite of products and hire new talent.

Cogni claims to be focused on bridging the gap between Web2 and Web3 capabilities “for an optimal modern customer experience”. The company has plans to launch a multichain wallet as well as a high-yield savings account, with the ultimate aim to “create plug and play access to Web2 and Web3 services across traditional finance, crypto, NFTs, gaming and the metaverse”.

“When I thought about my own needs and the way we interact with the world, I figured we needed to build a banking platform that aligned with those personalised needs,” says Archie Ravishankar, CEO and founder of Cogni.

Founded in 2018, the digital lifestyle bank offers zero-fee banking services and also provides discounted digital gift cards and a carbon emissions tracker based on users’ transactions.