For the first time, consumers can open up a bank account and automatically receive an equity share of their bank, along with many other benefits intended to enhance a customer’s banking experience,. Good Money, an innovative digital banking platform that focuses on social and economic equality, has recently completed their Series A round of funding, raising $30 million that will be used to dramatically change banking industry norms.
In an effort to democratize access to wealth, Good Money customers receive equity just for opening up an account and can continue to earn shares by installing the app, setting up a direct deposit, or referring friends. Once on the platform, customers can generate a 2 percent yield on their FDIC insured savings account and access ATMs for free nationally. The bank also does not charge overdraft fees and offers low loan rates.
Additionally, Good Money users can choose projects surrounding social and economic inequality, environmental stewardship, and renewable energy that the company will help. The founding team has also pledged to donate 50 percent of their equity to philanthropy and impact, integrating social and environmental change into their business model.
“Modern banking is a primary driver of so many issues we face as a society — from economic inequality, institutional racism, environmental destruction to political corruption. We founded Good Money to help consumers take their money out of a system that’s both destroying the planet and extracting wealth from the most vulnerable and put it into a new system focused solely on benefiting people and planet,” said Good Money Founder and CEO, Gunner Lovelace. Lovelace is known for his successful startup Thrive Market, a marketplace for organic foods and brands.
