ImpactAlpha, June 20 — Baltimore-based T. Rowe Price is one of a growing number of corporations, such as Mastercard, Apple and Netflix, tapping CNote’s impact investing platform to put their idle cash to good use. The global investment management firm is on track to deposit $50 million with CNote.
CNote invests the deposits across community development financial institutions, or CDFIs, which lend the funds to increase economic mobility and financial inclusion in diverse and low-income communities. T. Rowe Price’s deposits are being deployed into depository institutions supporting small businesses, access to healthcare and education, and affordable housing development, said T. Rowe Price’s Raymone Jackson.
CNote has now passed the $400 million mark in funds deployed into deposit accounts and fixed-income investments, CNote’s Cat Berman told ImpactAlpha.
For US corporations sitting on trillions in cash, “depositing cash with intention is an opportunity to advance” ESG and racial equity goals while strengthening cash management, said Berman. “CNote’s technology has made it easy. Racial and climate justice has made it urgent. It’s an opportunity we hope all investors will consider.”