[December 12, 2017] |
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Aspiration Raises Nearly $50 Million to Continue Building America's Defining Socially-Conscious, Sustainable Financial Firm
Aspiration,
the financial firm with a conscience, today announced it has raised a
$47 million Series B funding round, the largest B round ever raised by
an online banking company in America. Aspiration will be using the
investment to accelerate its growth in customers and new products as it
builds the most pro-consumer, pro-conscience financial firm in the
country.
The round, which brings Aspiration's total funding to $67 million, was
led by Social Impact Finance, along with new and existing investors
including Allen and Company, Omidyar Network, Alpha Edison, AGO
Partners, Reyl & Cie, and Capricorn Investments. Individual investors
include award-winning actor Orlando Bloom, Los Angeles Clippers coach
"Doc" Rivers, former Citigroup Chief Operations and Technology Officer
Deborah Hopkins, Bad Robot President Brian Weinstein, Rustic Canyon
Partners founding partner Tom Unterman, and others.
Aspiration offers banking, investing and retirement products that help
people improve their own financial situations while making a positive
difference in the world. Since it opened for business in 2015,
Aspiration has become one of the fastest growing online banking and
investing companies in America, adding thousands of new customers every
week. Aspiration customers currently transact over $2 billion a year on
the Aspiration platform and save over $100 million in bank fees.
Aspiration's growth has been driven by its revolutionary "Pay
What Is Fair" business model that trusts customers to choose the fee
they pay, even if it is zero. The vast majority of Aspiration customers
choose to pay a fee, even though they are not obligated to - a testament
to the honorable nature of most Americans and the value that Aspiration
customers see in its products. This foundation of trust has led over
20,000 customers to switch from Wells Fargo (News - Alert) to Aspiration since news
of the big bank's recent scandals broke. Aspiration is also one of the most
charitable financial firms in America, donating 10% of its earnings
to charitable microloans and mentoring for low-income Americans.
"We had our fair share of doubters when we first started Aspiration, but
we've shown that profit and purpose can go hand-in-hand," said Andrei
Cherny, CEO of Aspiration. "Aspiration is growing fast because we have
found innovative ways to put both our customers' interests and their
values first. I'm so excited about our ability to do so for many more
people in many more ways in the months and years ahead."
Aspiration's high interest, no-fee banking account was named the "Best
Checking Account in America" by Money magazine. Earlier this
year, the company launched a new Aspiration
Impact Measurement (AIM) feature of its mobile banking app that
allows customers to see their own personal Sustainability Scores and
choose where they spend based on businesses' impact on people and the
planet. The company partners
with the Sierra Club and offers a 100% fossil fuel-free and
firearm-free sustainable investment strategy available at a minimum
investment of $100. By investing sustainably with Aspiration instead of
the S&P 500, Aspiration customers have reduced greenhouse gas emissions
by the equivalent of 3 million fewer miles driven by American cars.
"Aspiration has seen astonishing growth in just a couple of years and
we're convinced this is just the beginning of an even bigger trend,"
said Ibrahim AlHusseini, Managing Director of Social Impact Finance.
"Consumers are 'voting with their money' now more than ever, which means
they are increasingly investing in companies that share their values.
Aspiration is the world's leader in bringing this spirit of investing
with a conscience to the financial services industry."
"This milestone is a tribute to the Aspiration community of customers
whose demand for people-centered banking and investing is blazing the
trail for better financial services for everyone," said Aspiration
co-founder Joseph Sanberg.
About Aspiration:
Aspiration is a financial firm with a conscience dedicated to bringing
fair, sustainable banking and investment products that help its
customers "Do Well" and "Do Good." Since it opened for business in 2015,
Aspiration has become one of the fastest growing online financial firms
in America, now adding thousands of new customers every week. By
allowing its customers to pay what they think is fair; donating 10 cents
of every dollar earned to charity; helping its customers bank, spend,
and invest sustainably; and bringing high-quality financial products to
all, Aspiration is revolutionizing the financial industry and changing
it for the better. Aspiration is a certified B Corp. For more
information, visit Aspiration.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171212005801/en/
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