Customer-owned digital banking platform raises $30m
Good Money, an ethical digital banking platform owned by its customers, has raised $30 million in a series A funding round.
The investment was led by Galaxy Digital with participation from Breyer Capital, Blocktower Capital, Boost VC, Ken Howery, Blockchange Ventures and Cross Culture Ventures.
Troy Carter, Mitch Kapor, Peter Diamandis, Blake Mycoskie, Justin Rosenstein and others also took part in the round.
Los Angeles-based Good Money describes itself as conscious digital banking platform which will provide an equity stake in the business to every customer who opens an account.
It has also pledged to use 50 per cent of the platform’s profits to impact projects focused on social and economic inequality, environmental stewardship and renewable energy.
“Modern banking is a primary driver of so many issues we face as a society – from economic inequality, institutional racism, environmental destruction to political corruption,” said founder and CEO Gunnar Lovelace.
“We founded Good Money to help consumers take their money out of a system that’s both destroying the planet and extracting wealth from the most vulnerable and put it into a new system focused solely on benefiting people and planet.”
Lovelace has spent his career building platforms at the intersection of business and social change. He was most recently founder and co-CEO of Thrive Market, a direct-to-consumer online grocery store.
“As we scale Good Money over the next 10 years, we will empower consumers to realise they should own the businesses they buy from as an evolutionary step in improving capitalism by leveling the economic playing field,” he added.
Good Money will launch a waitlist in January 2019 that will reward users with equity for securing their spot in anticipation of the full platform release later in the year.