Aspiration, an environmentally conscious neobank in the United States, is preparing to go public through a $2.3 billion merger with InterPrivate III Financial Partners Inc. The company will be listed on the New York Stock Exchange under the ticker symbol ‘ASP’.
Aspiration offers a comprehensive suite of banking services, credit cards, and investment products aimed at enabling customers to avoid fossil fuel investments. Their innovative approach includes planting trees automatically with each card purchase and providing tools to track personal and business “Planet & People” impact scores, empowering consumers to make responsible choices.
Since its inception in 2015, Aspiration has attracted five million members, including notable endorsements from celebrities like Robert Downey Jr. and Leonardo DiCaprio. As of June 2021, the company reported an impressive revenue run rate exceeding $100 million.
Andrei Cherny, the CEO of Aspiration, stated, “Our mission revolves around combating the climate crisis. We support individuals and businesses in integrating sustainable practices into their everyday activities, making it straightforward, automated, and impactful. The transition to sustainability is poised to be one of the most significant and rapid behavioral shifts in human history, and Aspiration aims to play a pivotal role in facilitating this change.”
The merger is anticipated to generate over $400 million in net cash proceeds for Aspiration, which includes $258.75 million from cash held in the trust of InterPrivate III and a fully committed common stock PIPE of $200 million.