Fintech Startup Aspiration May Merge with Interprivate III SPAC

By Nicholas Say Nicholas Say has been verified by Muck Rack's editorial team
Published on August 13, 2021

Green Fintech startup Aspiration has reported that it is in talks to merge with a SPAC, and is aiming to go public in the US markets. The valuation of the company in the context of this deal is estimated to be more than $2 billion.

According to anonymous sources, Aspiration is talking with InterPrivate III Financial Partners Inc., a special purpose acquisition company (SPAC) backed by Ahmed Fattouh.

The merger that would raise capital via transaction with a so-called private investment in public equity, or PIPE deal. Since the deal isn’t finalized, both Aspiration and Interprivate III declined to comment.

Aspiration is led by CEO Andrei Cherny and is headquartered in Los Angeles. The company develops solutions to climate change through its finance service.

The company transforms an extra change on customer’s transactions via savings and debit card purchases to support tree planting. Moreover, the Los Angeles-based startup says it is able to offset the carbon dioxide from every gallon of gas purchased using one of its cards.

“There’s a good chance your bank is using your money to fund oil projects that destroy the climate,” says on its website, “Put your money where your values are.”

In addition, the company also launched a fee-free network of over 55,000 ATMs which can serve customers who sign up for direct deposits for their paycheck.

In May, its customer base was reported to have doubled. At the same time, the company stated it had at least 4 million users.

PitchBook reported that the company was worth $1 billion in May 2020. Some of its investors include actors Leonardo DiCaprio, Robert Downey Jr., and Orlando Bloom, Allen & Co., eBay Inc. co-founder Jeff Skoll, as well as David Bonderman, a co-founder of TPG.

In March, Interprivate III raised about $259 million. In the past, the Interprivate Acquisition Corp. also merged with lidar startup Aeva Technologies Inc.

By Nicholas Say Nicholas Say has been verified by Muck Rack's editorial team

Nicholas Ross Say is a news desk editor at Grit Daily. An award-winning journalist, he covers the daily startup beat. He grew up in Ann Arbor, Michigan and has lived in South America and South East Asia. At present, Nicholas lives in Southern Vietnam where the Sun shines, and the noodles flow like wine. He's written for Blockonomi and Coin Journal, among others.

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