| Good Money | |
| Type: | Private company / Cooperative |
| Area Served: | United States |
| Key People: | Gunnar Lovelace, founder |
| Industry: | Financial technology, financial services |
| Products: | Checking account and high-yield savings accounts |
| Location: | San Francisco, United States |
Good Money is an American digital online banking platform, often called a neobank, founded by Gunnar Lovelace.[1] Good Money directs 50% of its profits toward environmental and social justice initiatives through impact investments and charitable donations. As a digital platform, Good Money takes no ATM or overdraft fees. The platform's customers vote on where Good Money will invest profits, but their options only include sustainable investments.[2] It is based in San Francisco.[3] [4]
Good Money was founded in 2018.[5] Gunnar Lovelace was founder of organic e-commerce company Thrive Market, a direct-to-consumer online grocery store. In December 2018, Good Money announced that it had raised $30 million with a group of investors including Galaxy Digital, Breyer Capital, Mitch Kapor, and Ken Howery.[6]
In January 2019, customers started joining a waitlist to start their accounts. Every customer will potentially get equity in the company when opening an account and can build up that equity by using the service.[7]
The company offers FDIC-insured checking and high-yield savings accounts.[8] When account holders sign up, they are offered a stake in the bank, making it the first digital banking platform that will be owned by its customers.[9] Customers can receive additional equity by installing the Good Money app, setting up a direct deposit, or referring friends.[7]