Good Money

From Wikipedia, the free encyclopedia

Good Money is a digital online banking platform, often called a neobank, founded by .[1] Good Money directs 50% of its profits toward environmental and social justice initiatives through impact investments and charitable donations. As a digital platform, Good Money takes no ATM or overdraft fees. The platform's customers vote on where Good Money will invest profits, but their options only include sustainable investments.[2] It is based in San Francisco.[3][4]

History[]

Good Money was founded in 2018.[5] was founder of organic e-commerce company Thrive Market, a direct-to-consumer online grocery store. In December 2018, Good Money announced that it had raised $30 million with a group of investors including Galaxy Digital, Breyer Capital, Mitch Kapor, and Ken Howery.[2][6]

In January 2019, customers started joining a waitlist to start their accounts. Every customer will potentially get equity in the company when opening an account and can build up that equity by using the service.[7]

Products[]

The company offers FDIC-insured checking and high-yield savings accounts.[8] When account holders sign up, they are offered a stake in the bank, making it the first digital banking platform that will be owned by its customers.[9] Customers can receive additional equity by installing the Good Money app, setting up a direct deposit, or referring friends.[7]

External links[]

References[]

  1. ^ Thorpe, Devin. "'Hippie' Immigrant Launches Good Money Banking Co-Op For The People". Forbes. Retrieved 2021-09-24.
  2. ^ a b Anzilotti, Eillie (2018-12-10). "At this new online banking platform, customers are the owners". Fast Company. Retrieved 2021-05-10.
  3. ^ "Digital banking platform Good Money gets $30M in funds".{{cite web}}: CS1 maint: url-status (link)
  4. ^ Anzilotti, Eillie (2018-12-10). "At this new online banking platform, customers are the owners". Fast Company. Retrieved 2021-09-24.
  5. ^ "Good Money Company Profile: Valuation & Investors | PitchBook". pitchbook.com. Retrieved 2021-09-24.
  6. ^ Schlagenhauf, Wes (2018-12-13). "Is it possible for banks to have a conscience? Good Money thinks so". The Hustle. Retrieved 2021-05-10.
  7. ^ a b www.bizjournals.com https://www.bizjournals.com/losangeles/news/2018/12/10/digital-banking-platform-good-money-gets-30m-in.html. Retrieved 2021-05-10. {{cite web}}: Missing or empty |title= (help)
  8. ^ "Ethical bank Good Money raises $30 million". Impact Alpha. 2018-12-12. Retrieved 2021-05-10.
  9. ^ "DealBook Briefing: Guess Who Said 'I Do Not Respect the S.E.C.'?". The New York Times. 2018-12-10. ISSN 0362-4331. Retrieved 2021-05-10.
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