Grant Funded Financial Services Startups
In this Financial Services grant list (49 rows), the largest disclosed round is Ben Franklin Technology Partners of Central and Northern Pennsylvania’s $20…
In this Financial Services grant list (49 rows), the largest disclosed round is Ben Franklin Technology Partners of Central and Northern Pennsylvania’s $20M grant on 2022-09-13; the next-largest disclosed amounts cluster at $13M (ZayZoon, 2022-08-03) and $15M (Life Sciences Greenhouse of Pennsylvania, 2022-09-13), while most other disclosed grants sit much lower (for example, $2M appears multiple times, and many are $100K or $300K). The timing is concentrated: there’s a dense late-2021 to late-2022 run, with multiple entries on 2022-09-13 (three separate $20M/$20M/$15M rounds) and another cluster in early August 2022. Geographically, the list is widely distributed but shows a recurring U.S. footprint across many cities (e.g., Charlotte via Secure Living on 2022-08-24 for $10K and Freeman Capital on 2022-01-17 for $100K). Most grant amounts are disclosed, but undisclosed amounts recur: 4 of 49 rows are marked “undisclosed” (Mintdropz on 2022-10-18; DigiShares on 2022-06-22; FlexID on 2022-05-25; Wakalu on 2022-04-07). Amount disclosure also includes a very small outlier reported as $0K (Capsphere on 2022-09-19). The rows span from 2021-07-02 (Redkik) through 2022-10-20 (Qonto, $500K).
Most recent rounds
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Frequently asked
What’s the largest disclosed grant in this Financial Services list, and how much bigger is it than the rest?
Ben Franklin Technology Partners of Central and Northern Pennsylvania’s $20M grant (2022-09-13) is the top disclosed amount. The next-largest disclosed figures are $15M (Life Sciences Greenhouse of Pennsylvania, 2022-09-13) and $13M (ZayZoon, 2022-08-03), with most other disclosed grants far below that level, frequently landing at $100K, $200K, $300K, $1M, or $2M.
Are there any date windows where multiple grants close in the same period?
Yes. 2022-09-13 is a clear spike with three entries: Ben Franklin Technology Partners of Central and Northern Pennsylvania ($20M), Innovation Works ($20M), and Life Sciences Greenhouse of Pennsylvania ($15M). There’s also a broader late-summer concentration around early August 2022 (e.g., Clearinghouse CDFI $4M on 2022-08-03, ZayZoon $13M on 2022-08-03, Community First Fund $2M on 2022-08-25).
Which entries are most likely to be outliers based on disclosed grant size or reporting?
Capsphere reports $0K on 2022-09-19, which is an extreme low relative to the otherwise common $100K–$2M band (e.g., $100K appears across OnCentive on 2022-07-29, ConnectCareHero on 2022-07-11, MedZERO on 2022-06-20, and many others). Separately, four entries are not comparable on size because they are marked “undisclosed” (Mintdropz 2022-10-18; DigiShares 2022-06-22; FlexID 2022-05-25; Wakalu 2022-04-07).
Does the list over-represent any geography or does it look globally distributed?
It’s globally distributed by country/city labels, but the U.S. appears repeatedly across many different metros rather than being dominated by one city (e.g., multiple Pennsylvania entries such as TrueNorth Companies in Cedar Rapids listed as $3M on 2022-09-16 is not the same as Pennsylvania cities like Harrisburg via Life Sciences Greenhouse of Pennsylvania at $15M on 2022-09-13, while Philadelphia appears separately with Miren at $10K on 2022-08-01). Outside the U.S., notable non-U.S. outliers include ZayZoon in Calgary, Alberta ($13M on 2022-08-03) and Codat in London ($7M on 2021-10-22).
How are the most recent rounds distributed, and what does that imply for near-term deal coverage?
The most recent row is Qonto on 2022-10-20 ($500K), with additional late-October entries like Mintdropz on 2022-10-18 (undisclosed) and Encircle on 2022-10-07 ($2M). That cluster suggests near-term coverage in late 2022 rather than only earlier months in the 2021-07-02 to 2022-10-20 span.
Are grant sizes recurring at the same dollar levels (useful for underwriting comparisons)?
Yes. Several disclosed amounts recur frequently at mid-to-lower tiers, including $100K (e.g., Answer Pay 2022-03-21, $100K; Gitcoin 2021-11-16, $500K not $100K; but Rheaply 2021-12-14, $100K; Pacific Community Ventures 2021-12-14, $100K; and others). There are also repeated $2M disclosures such as Encircle (2022-10-07, $2M), Community First Fund (2022-08-25, $2M), Brown Venture Group (2022-08-16, $2M), and Tucoemas Federal Credit Union (2021-08-17, $2M).
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