Good Money
| Company type | Private company / Cooperative |
|---|---|
| Industry | Financial technology, financial services |
| Founded | 2018 |
| Headquarters | San Francisco, United States |
Area served | United States |
Key people | Gunnar Lovelace, founder |
| Products | Checking account and high-yield savings accounts |
| Website | www |
Good Money is an American digital online banking platform, often called a neobank, founded by Gunnar Lovelace.[1] Good Money directs 50% of its profits toward environmental and social justice initiatives through impact investments and charitable donations. As a digital platform, Good Money takes no ATM or overdraft fees. The platform's customers vote on where Good Money will invest profits, but their options only include sustainable investments.[2] It is based in San Francisco.[3][4]
History
[edit]Good Money was founded in 2018.[5] Gunnar Lovelace was founder of organic e-commerce company Thrive Market, a direct-to-consumer online grocery store. In December 2018, Good Money announced that it had raised $30 million with a group of investors including Galaxy Digital, Breyer Capital, Mitch Kapor, and Ken Howery.[2][6]
In January 2019, customers started joining a waitlist to start their accounts. Every customer will potentially get equity in the company when opening an account and can build up that equity by using the service.[7]
Products
[edit]The company offers FDIC-insured checking and high-yield savings accounts.[8] When account holders sign up, they are offered a stake in the bank, making it the first digital banking platform that will be owned by its customers.[9] Customers can receive additional equity by installing the Good Money app, setting up a direct deposit, or referring friends.[7]
References
[edit]- ^ Thorpe, Devin. "'Hippie' Immigrant Launches Good Money Banking Co-Op For The People". Forbes. Retrieved 2021-09-24.
- ^ a b Anzilotti, Eillie (2018-12-10). "At this new online banking platform, customers are the owners". Fast Company. Retrieved 2021-05-10.
- ^ "Digital banking platform Good Money gets $30M in funds".
- ^ Anzilotti, Eillie (2018-12-10). "At this new online banking platform, customers are the owners". Fast Company. Retrieved 2021-09-24.
- ^ "Good Money Company Profile: Valuation & Investors | PitchBook". pitchbook.com. Retrieved 2021-09-24.
- ^ Schlagenhauf, Wes (2018-12-13). "Is it possible for banks to have a conscience? Good Money thinks so". The Hustle. Retrieved 2021-05-10.
- ^ a b "Digital banking platform Good Money gets $30M in funds". www.bizjournals.com. December 10, 2018. Retrieved 2021-05-10.
- ^ "Ethical bank Good Money raises $30 million". Impact Alpha. 2018-12-12. Retrieved 2021-05-10.
- ^ "DealBook Briefing: Guess Who Said 'I Do Not Respect the S.E.C.'?". The New York Times. 2018-12-10. ISSN 0362-4331. Retrieved 2021-05-10.