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October 22, 2021

Ando secures seed funding to offer sustainable banking

Ando, a US-based sustainable banking provider, has raised $6m in a seed funding round led by TTV Capital.

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The round also saw participation from HOF Capital, Kinetic Ventures and NNS Group.

Founded in 2021, Ando describes itself as a ‘consumer- and planet-friendly bank’ and offers a full suite of banking services.

Ando uses customer deposits to fund eco-friendly projects such as solar initiatives in partnership with local banks and credit unions.

TTV Capital co-founder and managing partner Gardiner Garrard said: “Ando’s Sustainable Banking solution provides customers with modern banking features including, for the first time ever, the ability to direct 100% of their bank balance to fund sustainable investments.”

Ando’s current bank partners include WebBank and Virginia Community Capital, which offer lending services to homeowners, community gathering places, fire departments and other local businesses.

Ando founder and CEO JP McNeill said: “There are more than 9,000 community banks and credit unions across the United States. If Ando can help community banks grow their green loans by just 1%, it would equate to $33bn worth of green loans.”

In a separate development, Nigerian digital bank Brass has raised $1.7m in a funding round led by Ventures Platform, several media outlets have reported.

The round saw participation from Hustle Fund, Acuity Ventures and Uncovered Fund.

Other investors such as Flutterwave CEO Olugbenga Agboola, and Paystack co-founder Ezra Olubi also joined the round.

The SME focused lender will use the funding to expand its footprint in South Africa and Kenya by 2022.

Brass also seeks to diversify its customer base by developing new credit offerings.

Free Report
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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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