Good Money

Good Money is an American digital online banking platform, often called a neobank, founded by Gunnar Lovelace.[1] Good Money directs 50% of its profits toward environmental and social justice initiatives through impact investments and charitable donations. As a digital platform, Good Money takes no ATM or overdraft fees. The platform's customers vote on where Good Money will invest profits, but their options only include sustainable investments.[2] It is based in San Francisco.[3][4]

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

History

Good Money was founded in 2018.[5] 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.[2][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]

Products

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]

References
  1. Thorpe, Devin. "'Hippie' Immigrant Launches Good Money Banking Co-Op For The People". Forbes. Retrieved 2021-09-24.
  2. Anzilotti, Eillie (2018-12-10). "At this new online banking platform, customers are the owners". Fast Company. Retrieved 2021-05-10.
  3. "Digital banking platform Good Money gets $30M in funds".
  4. Anzilotti, Eillie (2018-12-10). "At this new online banking platform, customers are the owners". Fast Company. Retrieved 2021-09-24.
  5. "Good Money Company Profile: Valuation & Investors | PitchBook". pitchbook.com. Retrieved 2021-09-24.
  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. "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.
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