A Toronto-based company that wants to create a “responsible bank” has raised 85% of its minimum investment target in 24 hours through a crowdfunding initiative.
The company, impak Finance Inc., has received $425,000 in pledges to help it build a financial services platform that will be dedicated completely toward contributing to the impact economy, according to an announcement on Friday.
“We’re thrilled to see that our project has resonated with so many people and it confirms that Canadians are seeking a different banking experience, one where financial return meets social purpose,” says Paul Allard, president and chief ecosystem officer of impak Finance, in a statement.
The company’s goal is to invest in areas that are considered sustainable, which would include green buildings, sustainable agriculture, renewable energy and tools that provide extended access to financial services, such as microfinance.
The firm plans to develop in two phases, with its first objective being the release of impak Fund, a product that will be available on a digital platform and give investors access to bonds that focus on sustainable sectors. This will be followed by the launch of impak Bank, according to the company’s website.
Those who want to invest in impak Finance through the crowdfunding campaign are able to do so with a minimum investment of $100, which would give an investor 100 shares in the company. The campaign thus far has attracted a large number of first-time investors, impak Finance’s announcement states.
Crowdfunded dollars will be added to funding already raised from strategic investors. The company’s initial objective was to raise $500,000 by December 12.
The campaign is being run through Vancouver-based FrontFundr, a trademark of Silver Maple Ventures Inc., which is an equity crowdfunding platform that is licensed as an exempt market dealer in most provinces.
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