Cari Raises $32.5 Million in First External Funding Round, Backed Entirely by Banks

Cari has raised $32.5 million in the first tranche of its initial external funding round. All of the capital came from banks, including its six Design Partner Banks.

Cari is positioning the investment as a strong vote of confidence in its bank-led approach to digital money infrastructure.

The Washington-based company is building a shared network that allows banks to bring money on-chain. Its goal is to support faster, always-on, and programmable financial services while keeping regulated banks at the center of customer relationships.

“There is no stronger endorsement of what we are building than having the banks we are building it with choose to invest alongside us,” said Gene Ludwig, founder and CEO of Cari.

Six Design Partner Banks Join the Investment

The funding includes participation from all six of Cari’s Design Partner Banks.

They are First Horizon Bank, Huntington Bank, KeyBank, M&T Bank, Old National Bank and SouthState Bank.

Glacier Bank also participated, alongside other banking institutions.

Cari said the participation reflects growing interest among regional and community banks in shared digital money infrastructure.

Keefe, Bruyette & Woods, a Stifel company, served as financial advisor to Cari on the transaction.

Cari Builds Around Tokenized Deposits

Cari’s relationship with its six Design Partner Banks began in September 2025.

Since then, the banks have worked with Cari to develop the network’s technology, operations and governance.

They have also helped shape potential use cases for the platform.

Cari has now moved from an initial concept toward an end-to-end platform. The company launched its first minimum viable product on March 31.

By July 31, it had delivered a full product suite.

The platform includes programmatic capabilities, a front-end wallet and an operational portal. These tools are designed to let participating banks complete the mint, transfer and burn cycle for a tokenized deposit.

Network Expands Beyond 30 Banks

Cari is also expanding the number of institutions participating in its network.

The company said more than 30 banks have joined the Network. Another 40-plus institutions are in active discussions about joining.

Together, those institutions represent more than $10 trillion in combined assets, according to Cari.

The scale of that network could become important as banks assess how tokenized deposits may fit into future payment and treasury systems.

Funding to Support Production Expansion

Cari plans to use the new capital to move the network toward production.

The company expects the funding to support additional bank onboarding and technical integrations.

It will also expand the products and programmable-money use cases available to participating banks and their customers.

Another focus will be building infrastructure that can support banks’ digital asset strategies at scale.

For Cari, the bank-only funding structure is also part of the message.

The company is positioning banks as active participants in the development of digital money infrastructure rather than simply users of technology built elsewhere.

Banks Back a Shared Infrastructure Model

First Horizon CEO Bryan Jordan said tokenized deposits should be available to all clients. He added that Cari’s shared infrastructure could give banks access to capabilities that would be costly to build independently.

KeyBank’s Eric Girard similarly said shared infrastructure could help banks adopt emerging technology while keeping money within the regulated banking system.

M&T Bank’s Matt McAfee said Cari could provide a practical route for banks to offer tokenized deposits through infrastructure designed for broad participation.

Old National Bank CIO Matt Keen described tokenization as a potential evolution of financial infrastructure. He also stressed the importance of maintaining the safeguards and relationships associated with traditional banking.

SouthState Bank’s Chris Nichols said the future of digital money should be shaped by banks.

Glacier Bancorp CEO Randy Chesler highlighted the potential role of community and regional banks in bringing digital money capabilities to businesses and consumers.

Building a Bank-Led Digital Money Network

Cari describes its network as a tokenized deposit network connecting chartered banks through a shared ledger.

The company says the infrastructure is designed to enable instant, 24/7/365 settlement without leaving the regulatory perimeter.

The network uses a permissioned Layer-2 blockchain anchored to Ethereum. It brings commercial deposits on-chain while aiming to preserve the characteristics of traditional bank money.

That model places Cari within a broader shift toward tokenized financial infrastructure.

Its next challenge will be turning its growing bank network and technology platform into production-scale financial services.

With more than 30 participating banks and additional institutions in the pipeline, Cari is now moving into that next stage with fresh capital supplied entirely by the banking sector.

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