Most banks profit from overdraft, ATM and other fees, or from financial products ill-suited to their customers.
Los Angeles-based Aspiration lets customers themselves choose how much to pay in fees. It also provides them with a “sustainability” score on their spending choices. “If we can start driving people to [put] ethics at the core of their daily spending decisions, you can totally transform [companies’] incentives,” says founder Andrei Cherny.
Investors in Aspiration’s Series B round include Allen & Company, Omidyar Network, Capricorn Investments, actor Orlando Bloom, L.A. Clippers coach “Doc” Rivers and former Citigroup COO Deborah Hopkins.