Good Money, a digital banking platform has successfully secured $30 million in a Series A funding round led by Galaxy Digital’s EOS VC fund. Numerous venture capital funds and investors participated in the funding event. The Good Money digital banking platform is the first to be owned by its customers. It features best in class peer-to-peer and online banking services.
Participants of the funding round included Blocktower Capital, Breyer Capital, Ken Howery, Boost VC, Cross Culture Ventures, Mitch Kapor, Blake Mycoskie, Blockchange Ventures, Troy Carter, Justin Rosenstein, and Peter Diamandis among others. This latest multi-million-dollar funding will provide significant support to the democratized banking platform.
The Galaxy EOS VC fund is a collaboration between the blockchain focused merchant bank Galaxy Digital and Block.one, the publisher of the EOSIO blockchain. The fund is directed towards investments in North American companies that are building new solutions based on the EOS protocol.
The fund’s co-founder and co-head of principal investments Sam Englebardt commented on the Good Money funding round, saying:
“The combination of an activist brand with deep direct-to-consumer experience at scale, positions Good Money to be a leader in the historic disruption of the banking industry. Good Money is led by world-class founders who have built billion-dollar companies, with marketing experience and relationships that can bring tens-of-millions of users into the ecosystem quickly.”
What Is Good Money?
Good Money is a values-based banking service that brings peer-to-peer banking services to the users. The neo-banking company offers FDIC insured savings accounts generating 2% yields and free ATM withdrawals to the users. It will also provide low consumer loan rates and does not charge an overdraft fee.
Customers will receive equity for opening an account with the bank on the banking platform, helping to democratize banking, ownership access and wealth creation. Users can receive more equity by installing the app, referring friends, and setting up direct deposits. About 50% of the profits from the platform will be directed to impact and philanthropy.
Gunnar Lovelace, the head of the company was previously the founder and co-CEO of Thrive Market which raised $180 million for its direct to consumer online grocery business.