Overview

Good Money provides banking services that prioritize environmental and social justice. It offers checking accounts, debit cards, and a rewards program, with a commitment to invest 50% of its profits into positive initiatives rather than harmful industries. A key feature is its partnership with Rainforest Trust, where each transaction contributes to protecting the Amazon rainforest, saving trees and wildlife. Good Money also ensures a fee-free banking experience, with no overdraft or ATM fees, and allows customers to earn equity in the company through its rewards program. This focus on ethical investments and customer ownership distinguishes Good Money from traditional banks, aiming to create a positive impact while maintaining profitability.

Simplify's Take

What believers are saying

• Rising consumer interest in sustainable finance boosts Good Money's market potential.
• Digital-only banks are capturing significant market share, benefiting Good Money.
• Fee-free banking trend aligns with Good Money's offerings, attracting more customers.

What critics are saying

• Competition from other eco-friendly banks like Aspiration and Ando is increasing.
• Potential greenwashing backlash could harm Good Money's reputation.
• Profitability challenges due to high commitment to social and environmental causes.

What makes Good Money unique

• Good Money invests 50% of profits in environmental and social causes.
• Partnership with Rainforest Trust enhances its eco-friendly banking appeal.
• Customers earn equity in Good Money through its unique rewards program.

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Funding

Total Funding

$30M

Above

Industry Average

Funded Over

1 Rounds

$30,000,000

Series A

Dec 2018

Series A funding typically happens when a startup has a product and some customers, and now needs funding to scale. This money is usually used to grow the team, expand marketing, and improve the product. Venture capital firms are frequently the main investors here.

Series A Funding Comparison

Above Average

Industry standards

Ind Avg. $15M

$3.7M

$5M

$8.2M

$15M

$30M

$30M