Good Money announced that it has raised $30 million in Series A funding led by Galaxy Digital (via the Galaxy’s EOS VC fund). Breyer Capital, Blocktower Capital, Boost VC, Ken Howery, BlockChange Ventures, Cross Culture Capital, Troy Carter, Mitch Kapor, Peter Diamandis, Blake Mycoskie, Justin Rosenstein, and several others also participated in this round.
Good Money offers banking services such as 2% FDIC Savings, free ATMs nationally, no-overdraft fees, and low consumer loan rates. And every customer that signs up for Good Money will receive equity in the company.
Plus users can earn additional equity by installing the app, setting up a direct deposit, and referring friends. Good Money is going to be launching a wait list in January 2019.
Good Money is led by founder and CEO Gunnar Lovelace, who was most recently the founder of a direct-to-consumer online grocery service called Thrive Market.
“We live in a world where consumers pay hundreds of dollars each year to banks for low-quality banking services, where banks return practically zero on deposits but leverage those deposits on a 10x ratio to finance projects that make the world a dirtier, less equitable place while creating no economic benefit for consumers,” said Lovelace in a statement.
Lovelace added that Good Money was founded to help consumers take their money out of a system that’s both “destroying the planet and extracting wealth from the most vulnerable and put it into a new system focused solely on benefiting people and planet.”
Good Money’s founding team has pledged 50% of their equity towards philanthropy and impact. And Good Money users will direct 50% of the platform’s profits to impact projects focused on social and economic inequality, renewable energy, and environmental stewardship.
“The combination of an activist brand with deep direct-to-consumer experience at scale, positions Good Money to be a leader in the historic disruption of the banking industry,” added Galaxy Digital co-founder and co-head of principal investments Sam Englebardt. “We launched Galaxy’s EOS VC fund with our partners at Block.one in order to back exceptional founders who are capable of transforming consumer understanding and adoption of the blockchain. Good Money is led by world-class founders who have built billion dollar companies, with marketing experience and relationships that can bring tens-of-millions of users into the ecosystem quickly.”