Crypto-Focused VCs Invest $30 Million in Digital Banking App

Good Money, a digital banking startup, has announced it’s raised $30 million in Series A funding. The round was led by Galaxy Digital with investments from Breyer Capital, Blocktower Capital, Boost VC, Ken Howery, Blockchange Ventures, Cross Culture Ventures, Troy Carter, Mitch Kapor, Peter Diamandis, Blake Mycoskie, Justin Rosenstein and others.

Banking With a Social Focus

“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,” said Sam Englebardt of Galaxy Digital.

Putting Equity in Clients’ hands

The startup is headed by Gunnar Lovelace, the founder of Thrive Market, an online grocery that previously raised $180 million in funding.

“Modern banking is a primary driver of so many issues we face as a society — from economic inequality, institutional racism, environmental destruction to political corruption,” said Lovelace. “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 system focused solely on benefiting people and planet. As we scale Good Money over the next 10 years, we will empower consumers to realize they should own the businesses they buy from as an evolutionary step in improving capitalism by leveling the economic playing field.”

Is a strong social focus the right approach to attract young people to the digital ecosystem? Share your thoughts in the comments section below.