Aspiration, Inc.

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Aspiration
TypePrivate
IndustrySustainable Financial Services
Founded2013
FounderAndrei Cherny
Joseph Sanberg
Headquarters
Marina del Rey, California
Area served
United States
ServicesBanking & Investing products
Websiteaspiration.com

Aspiration is an American personal finance company based in Marina del Rey, California. As of January 2021, Aspiration had over 3 million members.[1]

History[]

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

As of May 2020, Aspiration had raised over $250 million in funding.[6][7][8]

Products[]

Aspiration offers an interest-bearing deposit account known as Spend & Save.[citation needed]

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.[9][10] Each Aspiration customer is also given a personal AIM score based on their purchasing behavior.[11]

The company also offers a sustainable mutual fund named Redwood (REDWX).[12] The Aspiration Redwood Fund, launched in November 2015,[13] only invests in environmentally responsible companies and is completely free of fossil fuel and firearm companies.[14][15] The Redwood Fund is also offered as an IRA and requires a minimum investment of $10.[16]

The company allows its customers to name their own checking and investing fees through its “Pay What Is Fair” initiative.[17][18]

Aspiration launched a feature called “Plant Your Change” in April of 2020 that allows customers to round up any transaction to the nearest dollar to plant one tree.[19] By April of the following year, Aspiration customers collectively planted over 10 million trees.[20]

Launched in March 2021, the Aspiration Zero credit card offers cash-back rewards and allows cardholders to offset their carbon footprint by turning every purchase into a newly planted tree.[21]

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. ^ "This App Guilts You Into Not Buying From Crummy Companies". WIRED.
  10. ^ "A radical finance firm has an app that'll show you the impact of all of your purchases". Business Insider (in German).
  11. ^ "Are Your Buying Habits Remotely Ethical? This Bank Account Will Tell You". Fast Company. 26 April 2017.
  12. ^ Alden, William. "Financial Start-Ups Aim to Court the Anti-Finance Crowd". New York Times.
  13. ^ "Aspiration Redwood Fund". The New York Times.
  14. ^ "This Socially Responsible Mutual Fund Offers Low Fees, Low Minimums, Big Returns". Kiplinger.
  15. ^ Richards, William (17 November 2015). "How to Invest in Sustainable Practices". TheStreet.
  16. ^ "It's Getting Easier and Easier to Invest Money Without Wrecking the Planet". Inverse.
  17. ^ "The 'Pay-What-You-Want' Money Manager That Profits From Your Tips". Inc.com. 20 July 2015.
  18. ^ "Wells Fargo Is Asking Customers To "Put Your Money Where Your Heart Is," And This Startup Is Pissed". BuzzFeed News.
  19. ^ Haworth, Jack. "New Program Helps Consumers Plant a Tree With Every Purchase For Only Pennies". Men's Journal.
  20. ^ "Aspiration Zero is the first credit card to 'eliminate' users carbon footprint: CEO". Yahoo.com.
  21. ^ "LA's socially conscious bank challenger, Aspiration, launches a carbon offset credit card". TechCrunch.
  22. ^ "The Best Bank for Cash and Credit Card Users". MONEY. October 5, 2015.
  23. ^ "Aspiration: Most Innovative Company". Fast Company. Retrieved 2017-11-21.
  24. ^ "The 25 Most Disruptive Companies of the Year". Inc.com. 2017.
  25. ^ "Best Personal Loans For Good Credit". Money Under 30.
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