Good Money, a digital banking platform, was able to raise $30 million through Series A funding round to continue developing its app which will be released in 2019.
The funding round was led by Michael Novogratz of Galaxy Digital via its Galaxy EOS VC Fund. Participants included BreyerCapital, Blocktower Capital, Boost VC, Ken Howery, BlockChange Ventures, CrossCulture Capital, Troy Carter, Mitch Kapor, Peter Diamandis Blake Mycoskie,Justin Rosenstei and many others.
The banking platform intends to give every customer some amount of equity, and get additional incentives when they install the app, refer friends and set up direct deposits. In addition, users may also direct 50 percent of the revenues to their charity or philanthropic project of choice.
Good Money will also be offering free ATM withdrawals nationwide, no overdraft fees, low consumer loan rates, and a 2 percent Federal Deposit Insurance Corporation Savings rate.
Gunnar Lovelace, the company’s founder, said in a statement that the firm seeks to improve traditional banking practices and address issues like institutional racism, environmental destruction, and political corruption.