Neobank Cogni dives into web3 as it raises $23 million

Quick Take

  • US neobank Cogni has raised $23 million in a round led by Hanwha Asset Management and CaplinFO. Solana Ventures, FTX Ventures and Ship Capital also participated in the round. 
  • Alongside the funding round, the startup announced that it will launch a multichain wallet and a savings account on decentralized finance rails. 

US neobank Cogni has raised $23 million in Series A funding in a round co-led by Hanwha Asset Management and CaplinFO. 

Launched in 2018 by Archie Ravishankar, the startup says it aims to build personalized financial services based on the typical Gen Z and millennial user's lifestyle. It didn't disclose the valuation assigned to the company. 

Along with providing carbon emission information data on transactions and digital gift cards, he believes that building a simplified multichain wallet service in-app will attract these users. 

"86% of the millennials and Gen Z that we have spoken with don't have the knowledge or time to understand how to set up a wallet but everyone has a bank account," he says. 

Set to launch in the next year, this wallet, and a forthcoming savings "account" on DeFi rails, will power its web3 vision of social commerce — the use of social media to drive e-commerce sales.

For instance, Ravishankar says the company is set to partner with a company that provides NFTs for college athletes, with the idea behind this being that anyone with a Cogni bank a