Star-studded Aspiration gearing up for IPO

Los Angeles FinTech startup Aspiration backed by actors Robert Downey Jr., Leonardo DiCaprio and Orlando Bloom is weighing the possibility of filing for a public listing.

Inclusion Times
Inclusion Times

Aspiration - a Los-Angeles based fintech backed by actors Robert Downey Jr., Leonardo DiCaprio and Orlando Bloom is considering going public, according to a report on Bloomberg. Other investors in the startup include investment bank Allen & Co. and EBay Inc. co-founder Jeff Skoll.

Although the plan to go public is still in its early stage, and the route - direct listing or an alternate route - is yet unknown, Bloomberg reports that the company might soon go public as early as next year.

Founded by Andrei Cherny and Joseph N. Sanberg in 2013, Aspiration has zero-tolerance for pollution, political campaigns, or firearms. This is a reflection of a statement on the fintech's website that deposits "will never go towards funding fossil-fuel projects, firearms or political campaigns."

According to Bloomberg's source, Aspiration has seen its customer base doubled to more than 4 million in the past year. The Fintech startup "has a savings account with an annual percentage yield of as much as 1%, and as much as $2.5 million per depositor is insured by the Federal Deposit Insurance Corp." Bloomberg

The startup employees, according to Bloomberg, will now earn $25 per hour after announcing that it's enacting a $25-an-hour minimum wage effective immediately. The latest move will see employees at the startup earn more than employees at the U.S. largest banks. Bank of America Corp. said it would raise its lowest wages to that level by 2025.

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