Swiss banking group REYL has invested in US banking group Aspiration’s ‘Series B funding project’, one that aims to combine profit and social empowerment together.

“For REYL, this reflects a concrete and designed entry into the digital banking and fintech segments as a first step to building an innovative strategy in the coming months and year,” the company said.

Aspiration offers banking, investing and retirement products that help people improve their own financial situations while making a positive difference in the world in a process known as ‘impact investing,’

Since its inception in 2015 Aspiration’s customers have transacted more than $2bn.

“At $47m, Aspiration’s Series B funding is the largest B round ever raised by an online banking company,” REYL said.

Aspiration said it would use the proceeds to accelerate growth in its customers and new products while simultaneously “becoming the most pro-consumer, pro-conscience financial firm in the market.”

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By GlobalData

REYL will have a seat on Aspiration’s advisory board. The Swiss bank will encourage the expansion of Aspiration into international markets.

REYL’s CEO, Francois Reyl said: “We are conscious that the rapid pace of change in the banking sector is driven not only by technology but also by the ability to cater to a younger client base for whom social impact is as important as the underlying product or service. Aspiration ticks both those boxes and therein lies their success.”