Business 12 December 2018

Dennis Wafula

Good Money raises $30 million in Series A funding round

Good Money, a digital banking platform, raised $30 million in a Series A funding led by Galaxy Digital via its Galaxy EOS VC Fund.

The Good Money raised the funds to help continue developing its app. Among the participants included Micheal Novogratz, Blocktower Capital, Breyer Capital, Boost VC, Ken Howery, Cross Culture Capital, BlockChange Ventures, Troy Carter, Peter Diamandis Blake Mycoskie, Mitch Kapor and Justin Rosenstein and others.

Reportedly, Good Money provides values-based banking service with improved features for the growing neo-banking system. The company act as a bank, through which every customer owns some amount of equity when they open an account with the banking platform. The startup also looks to democratize access to ownership and wealth creation with incentives baked in for those who install the app, refer friends and set up direct deposits.

Some of its attractive features include free ATMs nationwide, low consumer loan rates, no overdraft fees, and a 2 percent Federal Deposit Insurance Corporation (FDIC) Savings rate. In addition, Good Money users will use 50% of the platform’s profits to impact projects focused on environmental stewardship, social and economic inequality, and renewable energy. The platform works through its app, a mobile digital wallet with many other features. With the new funding in place, Good Money plans to launch a waitlist in January 2019 that will reward users with equity for securing their spot in anticipation of the full platform release later in the year.

According to Gunnar Lovelace, Good Money founder, and CEO, the company hopes to transform the banking industry in the next few years. He stated:

“We founded Good Money to help consumers take their money out of a system that’s both destroying the planet and extracting wealth from the most vulnerable and put it into a new network focused solely on benefiting people and the world over the next ten years.”

Sam Englebardt, the Co-Founder and Co-Head of Principal Investments, Galaxy Digital stated:

“The combination of an activist brand with deep direct-to-consumer experience at scale positions Good Money to be a leader in the historical disruption of the banking industry. We launched Galaxy’s EOS VC fund with our partners at Block One to back exceptional founders who are capable of transforming consumer understanding and adoption of the blockchain.”

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

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