Cari, a bank-governed digital money network, has raised $32.5 million in the first tranche of its initial external funding round, with the investment coming entirely from banking institutions. The round includes all six of Cari's Design Partner Banks as well as other banks such as Glacier Bank. The announcement highlights growing confidence among regional and community banks in shared infrastructure designed to bring money on-chain while keeping regulated financial institutions at the center of customer relationships.
Bank-Only Investment Backs Collaborative Infrastructure
The funding reflects support from First Horizon Bank, Huntington Bank, KeyBank, M&T Bank, Old National Bank, and SouthState Bank, along with Glacier Bank. Keefe, Bruyette & Woods, A Stifel Company, served as financial advisor to Cari on the transaction. This bank-only investment follows a partnership that began in September 2025, when Cari started working with its six Design Partner Banks to help regional, mid-size, and community banks participate in digital money infrastructure.
From Concept to Production-Ready Platform
Over the past year, Cari has advanced from concept to an end-to-end platform that supports tokenized deposit operations. The company launched its first minimum viable product on March 31 and delivered a full product suite on July 31. The platform now includes programmatic capabilities, a front-end wallet interface, and an operational portal enabling pilot banks to complete the mint, transfer, and burn cycle for tokenized deposits.
Network Growth and Industry Support
Cari's network has grown to more than 30 participating banks, with over 40 additional institutions in active discussions to join. Together, the current network and pipeline represent more than $10 trillion in combined assets. Gene Ludwig, founder and CEO of Cari, said the investment is a strong endorsement from the banks that are helping build the network.
Executive Views on Tokenized Deposits
Bryan Jordan of First Horizon said the benefits of tokenized deposits should be available to all clients and that shared infrastructure provides capabilities that would be difficult and costly to develop independently. Eric Girard of KeyBank noted that shared infrastructure allows banks to bring emerging technology to clients responsibly within the regulated banking system. Matt McAfee of M&T Bank added that Cari offers a practical path for banks to deliver tokenized deposit benefits through a platform built for broad participation.
Design Partners Emphasize Responsible Innovation
Matt Keen of Old National Bank said the design partner work helps shape a network for digital money movement that benefits banks, clients, and the broader financial system. Chris Nichols of SouthState Bank added that the future of digital money should be shaped by banks rather than built around them. Both executives emphasized that tokenization can enhance deposits held at regulated institutions while preserving trust, safeguards, and customer relationships.
Capital to Support Scaling and New Use Cases
The new capital will support Cari as it moves toward production and scales the network, including accelerating bank onboarding and integration. The funding will also help expand products and programmable money use cases available to participating institutions and their customers. Randy Chesler of Glacier Bancorp said the network brings Main Street businesses and consumers into the next era of bank-led digital money movement built on traditional deposits in digital form.
Cari's first external funding round shows that regulated banks are willing to invest directly in infrastructure that keeps them at the center of digital money innovation. By raising capital exclusively from banking institutions, the company reinforces its commitment to a bank-governed model rather than an approach built outside the regulated system. As Cari moves toward production, the funding and expanding bank participation position it to influence how tokenized deposits and programmable financial services develop across the United States.