IOHK Invests In Fintech Firm Wave Financial After Partnering on $20M Cardano Fund
Reports are emerging from Coindesk confirming that the Charles Hoskinson-led Input Output Hong Kong, more popularly as IOHK, is making an equity purchase in Wave Financial, a financial software company for small businesses.
In a statement from one of the spokespersons at the Cardano Foundation (which is under IOHK), Jenny Corlett, the figure of the purchase is said to be in the hundreds of thousands. No further comments were made on the number of shares or the full disclosure of the purchase in Wave Financial.
While details on the transaction remain private, sources close to the matter say the equity purchased will not give IOHK a seat at the governance table. The CEO of IOHK, Mr. Hoskinson, will act in an advisory capacity on Wave Financial’s board.
The funding of Wave Financial comes barely a week following a partnership between the two companies to launch a venture fund, “cFund”, to support the adoption of IOHK’s blockchain platforms. IOHK has committed $10 million as an anchor to the fund and, Wave Financial pledged to raise a further $10 million in the future.
The fund will disburse funding to startups focused on IOHK blockchain solutions in batches of $250,000 to $500,000 per project.