The Future of Money is Good
Good Money, the first digital banking platform to be owned by its customers, announced a $30m Series A funding led by Galaxy Digital via its Galaxy EOS VC Fund with investments from Breyer Capital, Blocktower Capital, Boost VC, Ken Howery, Blockchange Ventures, Cross Culture Ventures, Troy Carter, Mitch Kapor, Peter Diamandis, Blake Mycoskie, Justin Rosenstein, and others.
Founded in 2017 by Gunny Lovelace, who is also the founder of Thrive Market, an online shopping club with ~$162m in funding, Good Money will provide banking services that include an FDIC insured savings accounts, free ATMs nationally, no-overdraft fees and “the lowest consumer loan rates in the country to help Americans get out of debt.”
The company claims to make history by giving every customer equity when they open an account, with the option to earn additional equity by installing the app, setting up a direct deposit or referring friends. Additionally, Good Money users will direct 50% of the platform’s profits to impact projects focused on social and economic inequality, environmental stewardship and renewable energy.
“We live in a world where consumers pay hundreds of dollars each year to banks for low-quality banking services , where banks return practically zero on deposits but leverage those deposits on a 10x ratio to finance projects that make the world a dirtier, less equitable place while creating no economic benefit for consumers. 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. As we scale Good Money over the next 10 years, we will empower consumers to realize they should own the businesses they buy from as an evolutionary step in improving capitalism by leveling the economic playing field.” – Founder and CEO of Good Money, Gunnar Lovelace.
Bottom Line: You can join the waitlist here.
