After the 2024 asset buyout, the former Aspiration’s consumer fintech division re-launches as a climate-friendly banking startup, GreenFi.
GreenFi emerges from the rebranding of Aspiration, a mission-driven financial services company focused on sustainability and ethical banking, having secured $17 million in seed funding.
The new version of the company, acquired last year by Mission Financial Partners, focuses on providing climate-friendly banking and investment services, aiming to help consumers align their financial activities with environmental sustainability goals.
Its main offering includes checking and high-yield savings accounts, investing with a focus on sustainability initiatives, and regular impact contributions. The company promises to ensure that customer deposits do not fund fossil fuel projects so that its customers can grow their wealth while contributing to a greener planet. Besides, GreenFi offers its clients more chances to serve the good cause by leveraging the round-up feature called “Plant Your Change,” where customers fund tree planting with the round-up amount, or by committing to donate a portion of their revenues to climate-focused non-profits.
Most of these services are similar to the initial proposition of Aspiration, the predecessor to GreenFi, which attracted major investors and media attention for its mission-driven model but reportedly struggled with profitability and scalability. The fresh start comes with a more focused approach and possibly a broader climate finance strategy. As the rebranded startup has successfully completed its seed funding round, it also plans to expand the offering suite with climate-friendly credit cards and green loans.
The switch to GreenFi will be smooth for existing customers. Their Aspiration accounts will move over automatically without any service interruptions. All checking, savings, and investment accounts will stay the same, and deposits will still avoid supporting fossil fuel projects. Every transaction will continue to help support environmental causes.
Mission Financial Partners CEO Tim Newell, former head of Tesla’s financial products and Aspiration’s fintech division, reminded that everyone has the power to make a real difference, even in the face of global challenges, simply by choosing where to bank. He emphasised that every dollar spent, invested, or saved with GreenFi contributes to building a sustainable future. According to Newell, in the previous year alone, GreenFi customers had helped fund the planting of over 4.3 million trees — the equivalent of one tree every 7.3 seconds, or enough to reforest more than two and a half football fields each day.
While sustainability-focused personal finance products are still struggling in the competitive fintech market, similar business offerings are gaining traction. Last year’s research showed that combining corporate finance with sustainable aspects is increasingly becoming normal rather than exceptional.
