Good Money, the first digital banking platform owned by its customers with the best online class and peer- to- peer banking services, today announced that it has raised $ 30 million in Series A financing from Galaxy Digital through its Galaxy EOS VC Fund with investments from Breyer Capital, Blocktower Capital, Boost VC, Ken Howery, Blockchange Ventures, Cross Culture Ventures, Troy Carter, Mitc.
Good money offers value – based banking services for the 21st century with top features in the swiftly developing market for neo-banking. These features consist of FDIC insured savings accounts that offer a 2% return, free of cost domestic ATMs, no overdraft fees and the country’s least possible consumer loan rates to assist Americans get out of debt.
In the first place, each customer receives equity when he or she opens an account and becomes an owner of the bank platform. Users can gain additional equity by installing the app, setting up a direct deposit or referring friends in a revolutionary effort to democratize access to ownership and wealth creation.
In addition, Good Money users will direct 50% of the platform’s profits to social and economic inequality, environmental management and renewable energy projects. The founding team of Good Money has also committed 50% of its equity to philanthropy and impact.
Sam Englebardt, Co-Founder and Co-Head of Principal Investments, Galaxy Digital said “The combination of an activist brand with deep direct-to-consumer experience at scale, positions Good Money to be a leader in the historic disruption of the banking industry. We launched Galaxy’s EOS VC fund with our partners at Block.one in order to back exceptional founders who are capable of transforming consumer understanding and adoption of the blockchain. Good Money is led by world-class founders who have built billion dollar companies, with marketing experience and relationships that can bring tens-of-millions of users into the ecosystem quickly.”
The company is led by entrepreneur Gunnar Lovelace, who has built platforms for his career at the crossroads of business and social change. Lovelace was most recently the founder and co-CEO of Thrive Market ($180 million raised), a direct-to-consumer online grocery store that shook up the trillion dollars grocery market by setting up a mission – driven business offering organic food at the same price as conventional equivalents.
Good Money Founder and CEO, Gunnar Lovelace, said “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.”
Good Money will launch in January 2019 a waitlist that will reward users with equity to secure their place in anticipation of the release of the full platform later this year.
