Aspiration Partners spun off its consumer financial services business into a separate company run by its former chief operating officer.
The Fintech said in a press release that Tim Newell reached an agreement to spin out the neobank, which still operates under the Aspiration brand.
The price wasn’t disclosed.
Before joining Aspiration, Newell was a former head of the consumer financial products teams at SolarCity and Tesla.
“There’s a large and untapped demand by individuals for financial products that help rather than harm the planet,” Newell said in the release. “The most powerful action the average U.S. family can take in the fight against climate change is to switch to a financial partner that does not fund fossil fuel exploration or production.”
Mission Financial Partners, which Newell founded in 2023, is the operating company for the Aspiration brand. Banking services on the Aspiration platform will be provided by Coastal Community Bank.