San Francisco neobank Aspiration raises $135m in Series C round
by Alex HamiltonSan Francisco-based fintech firm Aspiration has raised $135 million in a Series C funding round led by investors Alpha Edison.
The round, first disclosed by Fortune, brings the total raised by the socially conscious neobank to just over $200 million.
Aspiration plans to use the cash to grow its range of services and products.
While not a chartered bank, Aspiration offers a variety of accounts, and focuses on rewarding its users with cashback based on purchases made at ethical companies.
Customer cash is held by a network of partner banks, including Washington-based Coastal Community Bank, which is responsible for card issuance. It has also previously worked with Massachusetts-based Radius Bank.
The firm positions itself as an environmentally friendly financial institution, free of fossil fuel investments.
According to Reuters, the fintech was aiming for a $200 million this year, meaning the Series C figure falls slightly short of target.
It was also reported last year by CNBC that the firm had experienced trouble finding investors.
Its last funding round occurred in December 2017, when the firm raised $47 million in a Series B led by Social Impact Finance. Prior to that it raised $15 million in a 2015 Series A and $2.5 million in a 2013 seed round.