Aspiration, a US-based financial services provider backed by social media and financial technology company Renren, secured $47m yesterday in a series B round led by impact investor Social Impact Finance.
Allen and Company, Omidyar Network, Alpha Edison, Ago Partners, Reyl & Cie and Capricorn Investments also participated in the round along with a range of angel investors including actor Orlando Bloom and assorted figures from the tech and banking industries.
Aspiration is an online platform that offers financial products covering banking, investing and retirement. Customers can choose the size of the commission they pay on investments and the company donates 10% of each fee to charitable microloan schemes and financial mentoring for low-earning Americans.
Andrei Cherny, chief executive of Aspiration, said: “We had our fair share of doubters when we first started Aspiration, but we have shown that profit and purpose can go hand-in-hand.
“Aspiration is growing fast because we have found innovative ways to put both our customers’ interests and their values first. I am so excited about our ability to do so for many more people in many more ways in the months and years ahead.”
The round took Aspiration’s total funding to $67m since it was founded in 2014, the company said. Renren led its last round, a $15.5m series A in 2015 that included Capricorn, GSV Capital, IGSB and assorted angel investors.