Los Angeles-based digital bank Aspiration Partners has landed a deal to become the first publicly traded fintech firm focused primarily on socially responsible investing.
Aspiration, which pitches itself as a fintech for environmentalists, announced Wednesday morning it has agreed to merge into blank-check company InterPrivate III Financial Partners in a transaction that values the eight-year-old company at $2.3 billion, more than double its last private-market valuation in May 2020.
The company's one of only a few fintechs fully embracing the booming movement around environmental, social and governance investing. Bank of America reports ESG assets swelled to a record $329 billion in July, more than doubling year over year. In addition to its banking products, Aspiration offers its own managed IRAs and taxable accounts investing in 100% fossil fuel-free companies.
"The switch to sustainability will likely be the largest, fastest shift in behavior in human history, and Aspiration has a central role to play in powering that transformation for individuals and businesses alike,” Cofounder and CEO Andrei Cherny, 46, said in a statement Wednesday. A lawyer and former speechwriter for Vice President Al Gore, Cherny cofounded Aspiration with entrepreneur Joe Sanberg in 2013 and picked up investments from venture capital firms like AGO Partners and Alpha Edison, in addition to celebrities Robert Downey Jr., Leonardo DiCaprio and Orlando Bloom. Two years later, the pair launched the company's debit card-equipped cash management account, pledging customer deposits would only be invested in 100% fossil-fuel free companies.
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