The former head of fintech at Tesla has secured $17 million in investment for his rebranded climate-friendly consumer banking and investing outfit.
The GreenFi brand has emerged from the 2024 acquisition of Aspiration’s consumer fintech brand by Mission Financial Partners (MFP), led by ex-Tesla man Tim Newell.
The spin-out establishes GreenFi as an independent company dedicated to providing climate-friendly banking, credit, and investment products.
Aspiration customers will be automatically transferred to GreenFi, says the new venture. Checking, savings, and investment accounts will remain intact, and all deposits will continue to be free from fossil fuel funding.
Over the next few months, the company plans to add higher-yield savings accounts, climate-friendly credit cards, additional impact investments, and green loans.
Says Newell: “We’re proud to launch GreenFi, a brand that demonstrates you can prioritize both your financial well-being and the planet. GreenFi offers our customers an easy way to align their financial goals with their values, knowing their money is supporting a healthier environment."