The Bank Slate


Climate-focused neobank Aspiration cutting 180 jobs

Aspiration, a climate-focused neobank, plans to lay off more than 180 employees.

The Marina Del Ray, Calif., company disclosed the cuts as part of a Worker Adjustment and Retraining Notification (WARN) letter filed on March 24. The layoffs will happen between May 26 and June 1.

The fintech cut roughly 100 positions in December.

“The layoff is necessitated by the need to streamline and restructure the business in light of current economic conditions and the limited capital available to the company,” CEO Olivia Albrecht wrote in the WARN notice. “The company is saddened to have to take this step.”

Founded in 2013, the company offers consumer services like credit cards that fund tree planting and investing accounts that focus on environmentally-conscious companies.

The startup in August 2021 struck a long-delayed deal to go public through a special purpose acquisition company (SPAC). The deadline to complete the deal has been extended multiple times.

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