Socially conscious fintech Aspiration to go public via $2.3bn Spac merger

Socially conscious fintech Aspiration to go public via $2.3bn Spac merger

News
August 20, 2021 by J.D. Smith
17
Aspiration, the socially conscious US neobank focused on helping customers go green, is set to go public in a $2.3 billion merger with a special purpose acquisition company. Aspiration plans to merge with InterPrivate III Financial Partners Inc and list on the New York Stock Exchange under ticker ‘ASP’. Aspiration offers a host of banking
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Aspiration, the socially conscious US neobank focused on helping customers go green, is set to go public in a $2.3 billion merger with a special purpose acquisition company.

Aspiration plans to merge with InterPrivate III Financial Partners Inc and list on the New York Stock Exchange under ticker ‘ASP’.

Aspiration offers a host of banking services, credit cards, and investment products that help customers keep their deposits out of fossil fuels, automatically plant trees with every card purchase, and track business and personal ‘Planet & People’ impact scores so they can shop with a conscience.

Backed by celebrities including Robert Downey Jr. and Leonardo DiCaprio, the firm has signed up five million Americans as members since launching in 2015, and has a revenue run rate in excess of $100 million as of June 2021.

Andrei Cherny, CEO, Aspiration, says: “Aspiration is in the business of fighting the climate crisis. We help people and businesses build sustainable impact into what they do every day by making it easy, automated, and powerful, whether it is in the ways people spend and save their money or the ways businesses engage their customers.

“The switch to sustainability will likely be the largest, fastest shift in behaviour in human history, and Aspiration has a central role to play in powering that transformation for individuals and businesses alike.”

The deal is expected to provide over $400 million in net cash proceeds to the company, including $258.75 million of cash held in IPVF’s trust and a $200 million fully committed common stock PIPE.