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Good Money, a digital banking platform which features best in class online and peer to peer banking services, values-based banking, offers FDIC insured savings accounts generating 2% yields, free ATM withdrawals to the users, provides low consumer loan rates and does not charge an overdraft fee announced that they have raised $30 million in Series A funding led by Galaxy Digital via its Galaxy EOS VC Fund.
Good Money aims for its customers to receive equity when they open an account with the bank, therefore democratizing banking, wealth creation and distribution. Users are further rewarded with equity for installing the app, setting up direct deposits, and referring friends. This bank is basically owned by the customers, therefore 50% of the profits it generates will be used to impact society for philanthropic purposes. The founding team also pledged half of their equity to impact society for philanthropy, which is in line with their vision of creating a better society. Also, a waitlist will be launched in January 2019 to reward users with equity who secure their spot in anticipation of the full platform launch.
The Series A funding was led by Galaxy Digital via its Galaxy EOS VC Fund. Other participants include Blockchange Ventures, Ken Howery, Cross Culture Ventures, Troy Carter, Mitch Kapor, Peter Diamandis, Blake Mycoskie, Justin Rosenstein, Breyer Capital, Blocktower Capital, Boost VC, and others.
Gunnar Lovelace, who has spent his career building platforms at the intersection of business and social change, happens to be the founder and CEO of Good Money. While speaking on the Series A funding, he stated the following:
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.
Let’s see if indeed this new initiative may pave the way for a better, cheaper and more efficient digital banking system.