Good Money
Good Money is a digital online banking platform, often called a neobank, founded by Gunnar Lovelace. 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. [1] It is based in San Francisco.
History
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] [3]
In January 2019, customers started joining a waitlist to start their accounts. Every customer will get equity in the company when opening an account and can build up that equity by using the service. [4]
Products
The company offers FDIC-insured checking and high-yield savings accounts. [5] 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. [6] Customers can receive additional equity by installing the Good Money app, setting up a direct deposit, or referring friends. [7]
References
- https://www.fastcompany.com/90276403/at-this-new-online-bank-customers-are-the-owners
- https://www.fastcompany.com/90276403/at-this-new-online-bank-customers-are-the-owners
- https://news.crunchbase.com/news/so-much-for-a-seasonal-slowdown/; https://thehustle.co/good-money-credit-unions-big-banks/
- https://www.bizjournals.com/losangeles/news/2018/12/10/digital-banking-platform-good-money-gets-30m-in.html
- https://impactalpha.com/ethical-bank-good-money-raises-30-million/
- https://www.nytimes.com/2018/12/10/business/dealbook/elon-musk-sec.html
- https://www.bizjournals.com/losangeles/news/2018/12/10/digital-banking-platform-good-money-gets-30m-in.html