Ando, a San Diego-based fintech startup, has secured $6 million in seed funding to make banking more sustainable by having a positive environmental impact.
The funding round was led by TTV Capital with participation from firms like HOF Capital, Kinetic Ventures, and NNS Group. Gardiner Garrard, co-founder and managing partner at TTV Capital. Referred to the firm’s participation by stating:
“We believe there’s a compelling need for innovation and advancement in the financial industry. Ando’s Sustainable Banking solution provides customers with modern banking features including, for the first time ever, the ability to direct 100 percent of their bank balance to fund sustainable investments. No other banking institution offers this, and we’re excited about partnering with Ando to bring Sustainable Banking to millions of customers.”
Having launched in January of 2021, Ando aims to provide its users with an improved banking experience with the added satisfaction of knowing they are helping fund environmentally friendly causes like solar and carbon-reducing initiatives. The startup achieves this by establishing partners with local banks and credit unions that allow the routing of customers’ funds to sustainable initiatives, instead of the approach historically used by traditional financial institutions. JP McNeill, Ando founder, and CEO, said in this regard:
“There are more than 9,000 community banks and credit unions across the United States. Our partnership model helps these regional and smaller banks—which hold tremendous deposit power when united—fund and grow their green assets at no cost to their account holders. If Ando can help community banks grow their green loans by just 1 percent, it’d equate to $33 billion worth of green loans.”
With people around the world becoming increasingly wary of the traditional financial system, fintech startups have become increasingly popular among the newer generations. By also capitalizing on the increasing environmental concerns, Ando believes it can become a major player in the financial revolution while having a positive and lasting impact on the world.