Good Money

For the song by Kilo Kish, see Good Money?
Good Money
Company type
Private company / Cooperative
IndustryFinancial technology, financial services
Founded2018; 8 years ago (2018)
HeadquartersSan Francisco, United States
Area served
United States
Key people
Gunnar Lovelace, founder
ProductsChecking account and high-yield savings accounts
Websitewww.goodmoney.com

Good Money is an American digital online banking platform, founded by Gunnar Lovelace.[1] As a digital platform, Good Money takes no ATM or overdraft fees. It is considered a neobank and is based in San Francisco.[2][3]

History

Good Money was founded in 2018.[4] Gunnar Lovelace was founder of organic e-commerce company Thrive Market, a direct-to-consumer online grocery store. In December 2018, Good Money announced that it had raised $30 million with a group of investors including Galaxy Digital, Breyer Capital, Mitch Kapor, and Ken Howery.[5][6]

In January 2019, customers started joining a waitlist to start their accounts. Every customer will potentially get equity in the company when opening an account and can build up that equity by using the service.[7]

Operations

The company offers FDIC-insured checking and high-yield savings accounts.[8] When account holders sign up, they are offered a stake in the bank, making it the first digital banking platform that will be owned by its customers.[9] Customers can receive additional equity by installing the Good Money app, setting up a direct deposit, or referring friends.[7]

Good Money directs 50% of its profits toward environmental and social justice initiatives through impact investments and charitable donations. The platform's customers vote on where Good Money will invest profits, but their options only include sustainable investments.[5]

References

  1. ^ Thorpe, Devin. "'Hippie' Immigrant Launches Good Money Banking Co-Op For The People". Forbes. Retrieved 2021-09-24.
  2. ^ "Digital banking platform Good Money gets $30M in funds".
  3. ^ Anzilotti, Eillie (2018-12-10). "At this new online banking platform, customers are the owners". Fast Company. Retrieved 2021-09-24.
  4. ^ "Good Money Company Profile: Valuation & Investors | PitchBook". pitchbook.com. Retrieved 2021-09-24.
  5. ^ a b Anzilotti, Eillie (2018-12-10). "At this new online banking platform, customers are the owners". Fast Company. Retrieved 2021-05-10.
  6. ^ Schlagenhauf, Wes (2018-12-13). "Is it possible for banks to have a conscience? Good Money thinks so". The Hustle. Retrieved 2021-05-10.
  7. ^ a b "Digital banking platform Good Money gets $30M in funds". www.bizjournals.com. December 10, 2018. Retrieved 2021-05-10.
  8. ^ "Ethical bank Good Money raises $30 million". Impact Alpha. 2018-12-12. Retrieved 2021-05-10.
  9. ^ "DealBook Briefing: Guess Who Said 'I Do Not Respect the S.E.C.'?". The New York Times. 2018-12-10. ISSN 0362-4331. Retrieved 2021-05-10.

Content Disclaimer

Informasi ini disarikan dari Wikipedia dan disajikan kembali untuk tujuan edukasi. Konten tersedia di bawah lisensi CC BY-SA 3.0. Kami tidak bertanggung jawab atas ketidakakuratan data yang bersumber dari kontribusi publik tersebut.

  1. The information displayed on this website is sourced in part or in whole from Wikipedia and has been adapted for the purpose of restating it. We strive to provide accurate and relevant information, however:
  2. There is no guarantee of absolute accuracy. Wikipedia is an open, collaborative project that can be edited by anyone, so information is subject to change.
  3. It is not intended to constitute professional advice. The content displayed is for informational and educational purposes only. For important decisions (e.g., medical, legal, or financial), please consult a professional.
  4. Content copyright. Wikipedia is licensed under the Creative Commons Attribution-ShareAlike License (CC BY-SA). This means that content may be reused with appropriate attribution and shared under a similar license.
  5. Responsible use. Any risk arising from the use of information from this website is entirely the responsibility of the user.