US-based investment platform Aspiration has closed a $15.5m series A round yesterday led by social media network Renren.
GSV Capital, Capricorn Investment Group, IGSB and a range of angel investors participated in the round.
Launched in November 2014, Aspiration operates an online investment platform with a minimum commitment of $500 for its mutual funds. The company donates 10% of its revenue to non-profit organisations that provide microloans and mentoring to low-income citizens.
The series A cash will support continued development of the platform.
Joseph Chen, chairman and chief executive of Renren, said: “Renren is committed to investing in the most important and fastest-growing fintech platforms so we could not be more thrilled about the opportunity to invest in Aspiration.
“The financial industry is ripe for transformation and with its “do well and do good” approach, we believe Aspiration is poised to be one of the defining new financial brands for 21st century consumers – first in the US and then around the world.”