Fintech bank backed by Leonardo DiCaprio: pay fees only if you wish to

July 1, 2019 | FinTech

Aspiration, an online bank, advertises itself as the Wells Fargo alternative

Looking for a cheaper, cleaner alternative to Wells Fargo, the mainstream US bank which has been in the news for all the wrong reasons?

Aspiration is an online bank based out of California and backed by movie star Leonardo DiCaprio. It has a unique attraction that is completely at odds with the bigger banks: zero fees.

Aspiration fees

But based on services rendered, if you feel the bank deserves it, you are welcome to pay fees – any amount you wish.

Unbelievably, this model works. “It’s up to us to do such a great job that they pay us even though they don’t have to. The great majority has chosen to pay,” the bank says.

Conscience banking

Aspiration has gone a step further in its bid to wean over more customers from Wells Fargo – it is offering fossil-free and firearms-free accounts.

Fintech upstarts

Fintech challenger banks have been reinventing the banking industry globally, offering cheap and convenient digital services that work off the customer’s phone.

Aspiration has already garnered 1.5 million customers since its launch in 2015.

UK based digital bank Monzo doubled its valuation to beyond £2 billion within the short space of eight months via its recent funding.

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