Aspiration, a fintech startup that offers standard banking, investing and retirement products, has raised $47m in Series B funding round led by Social Impact Finance.
The fresh funding round was also joined by Allen and Company, Omidyar Network, Alpha Edison, AGO Partners, Reyl & Cie, Capricorn Investments as well as individual investors such as actor Orlando Bloom and former Citigroup chief operations and technology officer Deborah Hopkins.
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The latest Series B funding round brings Aspiration’s total funding to $67m.
Social Impact Finance managing director Ibrahim AlHusseini said: “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. 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.”
Aspiration CEO Andrei Cherny said: “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. Aspiration is growing fast because we have found innovative ways to put both our customers’ interests and their values first.”
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By GlobalDataEstablished in 2015, Aspiration focuses on providing banking and investing services as well as retirement products to the people. Its customers currently transact more than $2bn annually through the online platform.
The financial firm works on the ‘Pay What Is Fair’ business model that enables the customers to choose the fee that they pay.
