Aspiration bags $47m Series B led by Social Impact Finance

Banking and investing platform Aspiration has bagged $47m in its Series B, making it the largest B-round for a US-based online banking company.

This investment was led by Social Impact Finance, and also saw commitments from Allen and Company, Omidyar Network, Alpha Edison, AGO Partners, Reyl & Cie, and Capricorn Investments.

Alongside the investment firms, a group of angel investors took part in the round. The individual investors included award-winning actor Orlando Bloom, Los Angeles Clippers coach ?DocRivers, former Citigroup CTO Deborah Hopkins, Bad Robot president Brian Weinstein, and Rustic Canyon Partners founding partner Tom Unterman, among others.

California-based Aspiration provides consumers with banking, investing and retirement products. The company banking app can be opened with a minimum of $10, and offers up to 1 per cent annual interest and no monthly or ATM fees.

The application also allows users to gain access to professionally managed funds, with the option of a vehicle that invests in sustainable environmental companies or a low-volatility fund. An IRA is also available through the company, with it helping users to save on taxes and save money. Users are also presented with the option to donate to charity, with all the money donated going to the desired cause.

Since 2015, the company has grown significantly, with it adding thousands of customers each week and supporting more than $2bn worth of transactions a year, according to the company.

The company will use the capital to accelerate its customer growth and the launch of new products.

Social Impact Finance?managing director Ibrahim AlHusseini said, ?Consumers are voting with their money now more than ever, which means they are increasingly investing in companies that share their values. Aspiration is the world leader in bringing this spirit of investing with a conscience to the financial services industry.p>

This equity injection brings the company total funding to $67m, with Aspiration bagging a $15.5m Series A in 2015. The previous round was led by Renren and also saw capital supplied from GSV Capital, Capricorn Investment Group, IGSB, and a group of angel investors.

Copyright ? 2017 FinTech Global .

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