GreenFi announced it launched with a new brand for climate-friendly banking and investing for consumers. And this launch marks the next milestone in restructuring the former Aspiration consumer finance business following last year’s asset buyout. Tim Newell, founder and CEO of GreenFi, also revealed the funding for a $17 million seed investment round in the company.
GreenFi emerged through the acquisition of Aspiration’s consumer fintech brand by Mission Financial Partners (MFP), led by Newell, the former head of the consumer fintech division at Aspiration and former leader of Tesla’s financial products team. And this spin-out established GreenFi as a new independent company dedicated to providing climate-friendly financial solutions.
This transition to GreenFi will be seamless for existing customers. And accounts will automatically transfer from Aspiration to GreenFi with no disruption. Checking, savings, and investment accounts will remain intact, and all deposits will continue to be free from fossil fuel funding. Customers will continue to make a positive environmental impact with every transaction.
What the funding will be used for: The $17 million funding will accelerate GreenFi’s development of new banking, credit, and investment products that deliver both strong financial value and sustainability.
GreenFi plans to introduce enhanced financial products in the next few months, including higher-yield savings accounts, climate-friendly credit cards, additional impact investments, and green loans.
KEY QUOTES:
“We’re proud to launch GreenFi, a brand that demonstrates you can prioritize both your financial well-being and the planet. GreenFi offers our customers an easy way to align their financial goals with their values, knowing their money is supporting a healthier environment.
“All of us have the power to make a real difference right now, despite what we see happening in the world, by simply choosing where to bank. Every dollar spent, invested, or saved with GreenFi is a choice that helps build a sustainable future. Last year alone, our customers funded the planting of more than 4.3 million trees – that’s a tree every 7.3 seconds, or enough trees to reforest more than two and a half football fields a day.”
Tim Newell
