FinTech Startup Aspiration Considers $2B+ SPAC

The green FinTech Aspiration is in discussions about going public through a special purpose acquisition company (SPAC) in a deal that could value the firm at more than $2 billion.

That’s according to Bloomberg News, which reported the talks on Thursday (Aug. 12), citing people close to the matter. The LA-based company is consulting with InterPrivate III Financial Partners Inc., a blank check company led by Ahmed Fattouh.

The SPAC is apparently in talks to raise money through a PIPE, or private investment in public equity. Representatives from both sides did not provide comments to Bloomberg.

As PYMNTS reported in May, Aspiration has been considering going public for some time.

Read more: Star-Studded Green FinTech Aspiration Eyes Public Offering

The firm, which was founded by Andrei Cherny and Joseph N. Sanberg in 2013, bills itself as a socially conscious company, giving to charity and planting trees and refusing to invest in fossil fuels, firearms or political campaigns. “There’s a good chance your bank is using your money to fund oil projects that destroy the climate,” its website says. “Put your money where your values are.”

The company also boasts a fee-free network of more than 55,000 ATMs, and says it can offer customers who sign up for direct deposits access to their paychecks two days early.

The startup is also raising the minimum wage for its employees to $25 per hour, more than what is offered at the country’s biggest banks. Bank of America, for example, said it would raise its minimum rate to $25 by 2025, according to Bloomberg.

Aspiration in 2019 partnered with numerous brands to give customers 3 to 5 percent back on purchases from socially conscious brands. Its backers include some well-known faces, including actors Orlando Bloom, Leonardo DiCaprio and Robert Downey, Jr.

If the company does go forward with the SPAC, it will join a growing number of firms with marquee names attached to blank check companies.