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.
Go deeper with GlobalData
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.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataREYL 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.”
