Aspiration, a U.S.-based neobanking group, announced on Friday it secured $135 million through its Series C funding round, which was led by Alpha Edison with participation from Swiss investment bank UBS.
Founded in 2013, Aspiration stated it was born to be the financial firm for everyone by offering everyday people access to the financial products they need, to give them the trust they deserve, and to both build value and honor their values at the same time.
“Aspiration offers socially-conscious and sustainable cash management services and investment products, so you can make money while making the world a better place. And, unlike the Big Banks, we don’t use your deposits to fund oil pipelines or turn your fees into campaign contributions to the politicians that work against you.”
Aspiration noted more than 1.5 million Americans are using its services. The fintech explained:
“We’ve already introduced ways to spend, save and invest that allow customers to help make their money have an impact –with a commitment to fossil fuel free deposits (not putting customer money into fossil fuel projects such as pipelines and oil drilling), features like AIM (Aspiration Impact Measurement™) scores for spending, the ability to plant a tree with every purchase, and the power to automatically carbon-offset gas purchases with Aspiration Plus and Planet Protection.”
Aspiration further claimed that by moving their money to its fossil fuel-free deposits and investments, its customers are bringing about substantial CO2 reductions, estimated equivalent to over half a billion fewer miles being driven a year. The banking group added:
“And that’s without sacrificing the financial features our customers deserve – including nationwide fee-free ATM access, cash back rewards of up to 10%, FDIC insurance on deposits and a competitive interest rate.”