Cryptocurrency Network Cari Completes $32.5 Million First-Round Funding, With Participation From First Horizon Bank and Other Banks

TechFlow reported on September 3 that, according to Business Wire, the bank-led digital currency network Cari announced the completion of the first phase of its initial external funding round, securing $32.5 million, with all investors being banking institutions. The investors include Cari's six design partner banks—First Horizon Bank, Huntington Bank, KeyBank, M&T Bank, Old National Bank, and SouthState Bank—as well as other banking institutions such as Glacier Bank. Keefe, Bruyette & Woods (a subsidiary of Stifel) served as the financial advisor for this transaction.