LOS ANGELES, Sept. 17, 2015 /PRNewswire/ -- Aspiration, the
next-generation financial services platform that combines making
money and making a difference, announced today that it has closed
$15.5 million in Series A funding.
Renren led the round with participation from GSV Capital, Capricorn
Investment Group, IGSB, and some of America's most prominent
leaders in finance and technology, including David Bonderman, Gordon
Crawford, Matthew Dowd,
Rick Hess, Bill Lee, Joe
Lonsdale, Alexis Maybank,
Lenny Mendonca, Steven Rattner, Dan
Rosensweig, Matthew Salzberg,
Joseph Sanberg, and Frank Yeary.
"Aspiration is a financial firm for everyone that is built on
the idea that profits and purpose can go hand-in-hand," said
Andrei Cherny, CEO and co-founder of
Aspiration. "We are thrilled that this approach has not only
resonated with so many customers, but now has received the backing
of a group of brilliant and innovative leaders who share our
mission. With this additional capital and support, we can expand
the products and services we offer to the growing ranks of the
Aspiration community."
Joseph Chen, Chairman and CEO of
Renren, commented, "Renren is committed to investing in the most
important and fastest-growing fintech platforms, so we could not be
more thrilled about the opportunity to invest in Aspiration. The
financial industry is ripe for transformation and, with its 'do
well and do good' approach, we believe Aspiration is poised to be
one of the defining new financial brands for 21st
century consumers – first in the United
States and then around the world."
Aspiration creates and curates financial products and brings
them directly to the customer at Aspiration.com, thereby
disintermediating traditional advisors and middle-men. Aspiration's
mutual funds have a $500 minimum
investment. It recently unveiled a high-yield, FDIC-insured
checking account: The Aspiration Summit Account offers up to 100
times the interest rates provided on checking accounts at the big
banks, no minimum balance requirement or monthly service fees, and
free access to every ATM in the world.
Aspiration's unmatched pro-investor approach trusts its
customers to pay only what they think the company deserves, even if
that means zero. Aspiration brings a unique charitable aspect to
financial services by donating 10% of its revenue to charities
providing microloans and mentoring for low-income Americans to
start businesses – and helping its customers give to the
causes of their choice as well.
Launched in November 2014,
Aspiration has become one of the fastest growing online financial
firms in America – eclipsing the growth rates of the so-called
"robo-advisors":
- Over the past six months, Aspiration has been doubling its
number of accounts an average of every six weeks.
- 60% of Aspiration's customers have not previously owned another
retail investment product.
- Aspiration customers are in all 50 states and U.S. Armed Forces
serving overseas, with over 70% outside of New York and California.
- While most Aspiration customers are Millennials, they range in
age from 18 to 88.
- Over 90% of the investors in the Aspiration Flagship Fund
choose to pay Aspiration even though they are not obligated to – a
testament to the honorable nature of most Americans and the value
Aspiration customers see in its products.
"Wall Street works great for a fortunate few, but most Americans
have been left out of the possibility of wealth-creation because
they haven't had a financial firm they felt they could trust or one
laser-focused on their specific needs and goals," said Joseph N. Sanberg, co-founder and chair of
Aspiration's Board of Advisors. "With its unique model,
groundbreaking technology and customer-friendly education
approach, Aspiration is successfully opening the doors of
investing to the middle class."
About Aspiration
One of the fastest growing online
investment platforms, Aspiration offers everyone the type of
investment strategies that were once limited to only the wealthiest
Americans. Using cutting-edge technology, Aspiration is
revolutionizing how financial services are delivered to Americans
by successfully pioneering a democratized and purpose-driven
investment firm with a conscience and building an unprecedented
level of trust with its customers. Aspiration Fund Adviser, LLC, a
wholly-owned subsidiary of Aspiration Partners Inc., is registered
with the United States Securities and Exchange Commission (SEC).
Visit www.aspiration.com for more information or
http://bit.ly/1UVQQhx to download the official press kit.
About Renren
Renren Inc. (NYSE: RENN) operates a
leading real name social networking internet platform in
China. It enables users to connect
and communicate with each other, share information and user
generated content, play online games, watch videos and enjoy a wide
range of other features and services. Renren.com had approximately
227 million activated users as of June 30,
2015.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/aspiration-closes-155-million-in-series-a-funding-led-by-renren-300144656.html
SOURCE Aspiration