SAN FRANCISCO, Dec. 11, 2017 /PRNewswire/ -- Neighborly, the San Francisco-based fintech company focused on modernizing public finance by empowering investors to fund positive change in communities, today announced that The Bond Buyer has recognized the firm's 2017 partnership with the City of Cambridge, Massachusetts, as its 'Non-Traditional Deal of the Year.' The accolade was announced at The Bond Buyer's recent Deal of the Year Awards ceremony, held in New York City.
Now in their 16th year, the Deal of the Year Awards reward innovation in municipal finance. Winners, which are determined by a panel of Bond Buyer editors, are deemed to have exhibited noteworthy innovation, successful execution of complex transactions under oftentimes challenging conditions, an ability to serve as an exemplary model for future financing, and proven impact factor – i.e., the public purpose for which a deal's proceeds were used.
The City of Cambridge was lauded for its February 2017 issuance of General Obligation Series 2017 A Minibonds, which leveraged Neighborly's accessible online platform to sell bonds directly to Cambridge residents. The bonds, offered in affordable denominations of $1,000 to encourage participation, presented a unique opportunity for individual investors to earn tax-exempt interest while advancing positive projects in their own community. The funds raised, totaling $2 million, have since been utilized to renovate school buildings, upgrade municipal facilities, and advance implementation of Cambridge's "Complete Streets" plan.
"Neighborly heartily congratulates the City of Cambridge on this accolade, which reflects its leadership's commitment to residents," said Pitichoke Chulapamornsri, who led the deal as director of business development at Neighborly. "Our work with Cambridge is a prime example of how technology can reduce the cost and complexity associated with public finance to produce powerful results. As a result of our engagement, the City Manager's office was able to raise capital and shape Cambridge's future by connecting with a previously untapped audience of engaged, impact-driven residents."
Cambridge's initial bond offering generated a significant amount of interest, selling out within six days. Thirty-seven percent of buyers were first-time bond investors; more than 30 percent were under the age of 40.
Founded in 2012 and headquartered in San Francisco, CA, fintech company Neighborly is on a mission to modernize public finance. This civic-minded team of technologists and finance professionals is united by the belief that the humble municipal bond can once again be a singularly important force in solving economic, educational, healthcare and environmental issues – one community at a time. Positioned at the intersection of technology, government, and finance, Neighborly reduces the cost and complexity associated with municipal bonds by directly connecting fiscally responsible issuers with investors who want to earn returns while effecting positive change in the world.
Neighborly Corporation has built bank-grade technology, and its wholly-owned broker-dealer subsidiary, Neighborly Securities, is a member of FINRA, SIPC, and the MSRB. Neighborly Investments is an SEC-registered investment adviser; registration as an investment adviser does not imply any level of skill or training. This material is for informational purposes only and should not be considered investment advice or recommendation to invest. The information on this page does not constitute a solicitation to buy or sell securities.
SOURCE Neighborly Corporation