Environment-focused fintech Aspiration Partners and InterPrivate III Financial Partners announced today a definitive merger agreement that they said would value the combined company at $2.3 billion.
If approved, upon closing Aspiration is expected to list on the NYSE under ASP.
Terms call for Aspiration’s shareholders to receive at least 175 million shares of InterPrivate III common stock, as well as up to an additional 100 million shares based on the performance in the share price over a 5-year period. A $200 million PIPE in support of the deal includes participation by funds and accounts managed by Financière Agache (the Bernard Arnault family office), Doha Venture Capital in Qatar, Capricorn Investment Group, Serengeti Asset Management, Brand Capital International (the strategic investment arm of The Times Group), Western & Southern Life Insurance, InterPrivate Capital, AGO Partners, and Drake.
Aspiration offers sustainable banking services, credit cards, and investment products “that help customers keep their deposits out of fossil fuels, automatically plant trees with every card purchase, and track business and personal Planet & People impact scores so they can shop with a conscience,” the company said in the press release. Read more.
