Drake-backed FinTech Aspiration set for IPO through SPAC merger

Sustainable FinTech platform Aspiration is set to go public through a $2.3bn merger with special purpose acquisition company InterPrivate III Financial Partners.

With the IPO, Aspiration will be listed on the New York Stock Exchange under the ticker ‘ASP’.

The merger is expected to provide over $400m in net revenue proceeds to the company, including $258.75m of cash that is held InterPrivate’s trust and a $200m fully committed common stock PIPE.

Founded in 2013, Aspiration offers environmentally focused financial services and positions itself as a sustainable alternative to other banks and FinTech companies because it doesn’t invest in fossil fuel companies or non-sustainable endeavours.

The company claims it helps customers to keep their deposits out of fossil fuels, automatically plant trees with their card purchases, and track business and personal Planet & People impact scores as they shop.

Aspiration is backed by a number of big-name celebrities including Drake, Robert Downey Jr, Leonardo DiCaprio, Orlando Bloom and Cindy Crawford.

Aspiration CEO Andrei Cherny said, “Aspiration is in the business of fighting the climate crisis. We help people and businesses build sustainable impact into what they do every day by making it easy, automated, and powerful, whether it is in the ways people spend and save their money or the ways businesses engage their customers.

“The switch to sustainability will likely be the largest, fastest shift in behaviour in human history, and Aspiration has a central role to play in powering that transformation for individuals and businesses alike.”

Copyright © 2021 FinTech Global

Enjoying the stories?

Subscribe to our daily FinTech newsletter and get the latest industry news & research

Investors

The following investor(s) were tagged in this article.