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Socially conscious bank Aspiration raises $135 million

Socially conscious bank Aspiration raises $135 million

Socially conscious US neobank Aspiration has closed a $135 million Series C investment round, as consumers increasingly shop around for climate neutral financial products.

Since it opened for business in 2015, Aspiration has become one of the fastest growing online financial firms in America, attracting over 1.5 million customers and processing over $4 billion in transactions pass through its accounts.

The company offers a range of fossil fuel free deposits and investments as well as nationwide fee-free ATM access, cash back rewards and premium debit cards made from ocean recycled plastic.

The company also offers an Aspiration Impact Measurement score 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’s growth was initially 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 company has so far raised a total of $200 million in investment. The Series C round was led by Alpha Edison. Swiss investment bank UBS also participated in the round.

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