Posted May 18, 2021
Florida de novo Climate First Bank is on track to open next month with more than $30 million in investor funding, almost doubling the $17 million capital goal CEO Ken LaRoe set out to achieve last fall.
The St. Petersburg, Florida-based community bank, which is focused on promoting sustainable business practices, also has a banking-as-a-service (BaaS) partnership with neobank Atmos Financial in the works.
While at opposite ends of the financial services spectrum, the two entities share the same goal: using banking to promote sustainable business practices and climate-positive lending.
"Our focus is on shifting capital away from funding of fossil fuels and toward an equitable clean energy transition," said Ravi Mikkelsen, a co-founder at Atmos, which launched in January with a savings product. "Primarily, we want to fund climate-positive infrastructure like renewable energy, electrification of our homes and our vehicles and regenerative agriculture."
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