Aspiration, Inc.

Aspiration is an online financial institution based in Marina del Rey, California, offering banking and investing products and services. As of June 2019, Aspiration had 1.5 million customers.[1]

Aspiration
TypePrivate
IndustryFinancial services
Founded2013
FounderAndrei Cherny
Joseph Sanberg
Headquarters
Marina del Rey, California
Area served
Worldwide
ServicesBanking & Investing products
Websiteaspiration.com

History

Aspiration was founded in 2013 by Andrei Cherny and Joseph Sanberg.[2][3][4] It opened for business in February 2015.[5]

Aspiration has raised over $200 million in funding.[6] Investors include Allen & Company, Orlando Bloom, Gilt Groupe founder Alexis Maybank, Alex Pomeroy, Matthew Dowd, Doc Rivers, Deborah Chase Hopkins, Frank Yeary, GSV Capital, Capricorn Investment Group, and the Omidyar Network.[7][8]

Products

Aspiration offers an interest-bearing deposit account known as Spend & Save. They also offer an optional paid subscription service, Aspiration Plus, that offers features such as: a recycled plastic debit card, increased interest on the Save Account, carbon offsets for gas purchases, and reimbursement of 1 out-of-network ATM fee per month.[9]

In April 2017, the company launched a feature on its mobile app called Aspiration Impact Measurement (AIM), which examines 75,000 data points and shows scores for companies where Aspiration customers shop, based on how those companies treat people and the planet.[10][11] Each Aspiration customer is also given a personal AIM score based on their purchasing behavior.[12]

Aspiration also offers mutual fund investments, including its sustainable Redwood Fund and its Flagship fund that invests in liquid alternative strategies.[13] The Aspiration Redwood Fund, launched in November 2015,[14] only invests in environmentally responsible companies and is completely free of fossil fuel and firearm companies.[15][16] The Redwood Fund is also offered as an IRA and requires a minimum investment of $100.[17]

The company allows its customers to name their own checking and investing fees through its “Pay What Is Fair” initiative.[18][19]

On 23 July 2020, Aspiration revealed that it is working to give exposure to Aspiration's range of financial services to Postmates Fleet members, including Aspiration's Spend and Save plan, which offers a cheaper and more affordable option to the major banks.[20]

Recognition

References
  1. "Startup Bank Aspiration". CNN.
  2. "Aspiration's Big Idea in Financial Services? Name Your Own Price". Inc.com. 15 June 2017.
  3. "How I Made It: He dreamed of a career in politics. Now he's shaking up consumer banking". Los Angeles Times. 2019-07-21. Retrieved 2020-05-07.
  4. "Digital banking startup Aspiration seeks new funding round". Reuters. 2019-04-17. Retrieved 2020-05-07.
  5. Belanger, Lydia (21 June 2017). "Why This Former White House Aide Thinks People Deserve More From Banks". Entrepreneur.
  6. Mashayekhi, Rey. "Exclusive: Neo-bank Aspiration raises $135M in Series C funding round". Fortune.
  7. Dave, Paresh. "China's Renren leads $15.5-million investment in L.A. start-up Aspiration". Los Angeles Times.
  8. Martin, Scott. "Aspiration Taps $47 Million for Conscientious Banking". Wall Street Journal.
  9. G., Peter (18 April 2020). "What is Aspiration Plus?". Aspiration. Retrieved 18 April 2020.
  10. "This App Guilts You Into Not Buying From Crummy Companies". WIRED.
  11. "A radical finance firm has an app that'll show you the impact of all of your purchases". Business Insider (in German).
  12. "Are Your Buying Habits Remotely Ethical? This Bank Account Will Tell You". Fast Company. 26 April 2017.
  13. Alden, William. "Financial Start-Ups Aim to Court the Anti-Finance Crowd". New York Times.
  14. "Aspiration Redwood Fund". The New York Times.
  15. "This Socially Responsible Mutual Fund Offers Low Fees, Low Minimums, Big Returns". Kiplinger.
  16. Richards, William (17 November 2015). "How to Invest in Sustainable Practices". TheStreet.
  17. "It's Getting Easier and Easier to Invest Money Without Wrecking the Planet". Inverse.
  18. "The 'Pay-What-You-Want' Money Manager That Profits From Your Tips". Inc.com. 20 July 2015.
  19. "Wells Fargo Is Asking Customers To "Put Your Money Where Your Heart Is," And This Startup Is Pissed". BuzzFeed News.
  20. "Aspiration and Postmates Partner to Offer Better Financial Solutions to Essential Workers". Cision PR Newswire. 23 July 2020. Retrieved 4 August 2020.
  21. "The Best Bank for Cash and Credit Card Users". MONEY. October 5, 2015.
  22. "Aspiration: Most Innovative Company". Fast Company. Retrieved 2017-11-21.
  23. "The 25 Most Disruptive Companies of the Year". Inc.com. 2017.
  24. Armstrong, Tony. "Best Checking Accounts of 2017". NerdWallet.
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