Funding news · Sep 2, 2026
Cari Raises $32.5M Series B for Tokenized Deposit Network Connecting Chartered Banks
Cari Raises $32.5M Series B
Cari (Cari Network) has raised a $32.5 million Series B round, according to funding data dated September 2, 2026. The round was raised in USD.
What the Company Does
Cari is a Washington, D.C.-based financial infrastructure company operating the first tokenized deposit network connecting chartered banks on a shared permissioned Layer-2 blockchain anchored to Ethereum.
The network lets regional, mid-size and community banks bring commercial deposits on-chain as digital tokens that settle instantly, around the clock, within the regulatory perimeter while retaining the protections of the underlying deposits.
Company Background
- Based in Washington, D.C.
- Operates the first tokenized deposit network connecting chartered banks
- Built on a shared permissioned Layer-2 blockchain anchored to Ethereum
- Co-developed and governed with its six Design Partner Banks
- Counts more than 30 participating institutions
- Led by founder and CEO Gene Ludwig, former US Comptroller of the Currency
Round Details
| Field | Detail |
|---|---|
| Round type | Series B |
| Amount | $32,500,000 |
| Currency | USD |
| Date | September 2, 2026 |
Investors
- M&T Bank
- KeyBank
- Huntington National Bank
- Old National Bank
- First Horizon Bank
- SouthState Bank
- Glacier Bank
No lead investor was disclosed in the funding data.
Why It Matters
Tokenized deposits have emerged as a bank-led alternative to stablecoin models, keeping commercial deposits within the regulated banking perimeter while enabling instant, 24/7 settlement. Cari's network is designed specifically for chartered banks, with governance shared among its Design Partner Banks.
The participation of multiple regional and national banks in this round underscores the network's bank-first structure. With more than 30 participating institutions, Cari is building infrastructure that connects banks on a common permissioned Layer-2 chain anchored to Ethereum.
Acquisition Angle
For acquirers in financial infrastructure, payments or digital asset settlement, Cari offers a regulated, bank-governed tokenized deposit network with an established institutional base. Its leadership — founder and CEO Gene Ludwig, former US Comptroller of the Currency — brings regulatory depth to a product built explicitly within the regulatory perimeter.
The Series B, backed by a syndicate of banks including M&T Bank, KeyBank, Huntington National Bank, Old National Bank, First Horizon Bank, SouthState Bank and Glacier Bank, signals continued institutional commitment to on-chain deposit infrastructure.
Summary
- Company: Cari (Cari Network)
- Round: Series B
- Amount: $32.5 million USD
- Date: September 2, 2026
- Focus: Tokenized deposit network for chartered banks on a permissioned Layer-2 blockchain anchored to Ethereum
- Leadership: Founder and CEO Gene Ludwig, former US Comptroller of the Currency
- Investors: M&T Bank, KeyBank, Huntington National Bank, Old National Bank, First Horizon Bank, SouthState Bank, Glacier Bank