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Aspiration Partners secures $315m ahead of SPAC debut

By Robert Davis

22:57, 15 December 2021

Hands that are putting soil on trees growing on gold coins and natural background.
Aspiration Partners receives $315m in financing - Credit: Shutterstock

Celebrity-backed fintech company Aspiration Partners secured more than $315m in funding on Wednesday ahead of its public debut.

The financing came from Oaktree Capital Management, L.P. and investor Steve Ballmer, who owns the Los Angeles Clippers.

The deal includes $250 million in proceeds from the issuance of non-convertible perpetual preferred stock, $50 million in mandatorily convertible pre-merger securities of Aspiration purchased at $11 per share, and $15 million of private investment in public equity (PIPE) funds.

Aspiration CEO Andrei Cherny said in a press release that the financing demonstrates “a recognition of Aspiration’s accelerated growth this year.”

About Aspiration

According to the company’s website, Aspiration is an eco-friendly investment platform that promises transparency and honesty for its customers.

The company’s third-quarter earnings statement says it earned $27.3m in revenue compared to the $3.7m it earned last year.


39,727.50 Price
+0.310% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

Oil - Crude

74.50 Price
-1.560% 1D Chg, %
Long position overnight fee -0.0136%
Short position overnight fee -0.0083%
Overnight fee time 22:00 (UTC)
Spread 0.040


16,001.20 Price
+0.470% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 7.0


0.63 Price
+0.240% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Aspiration also posted a loss of $16m compared to a loss of $17.5m in the third quarter of last year.

The company earns more than half of its revenue from its enterprise ESG division, which offers investment products curated for green investors.

Celebrity backing

The company lists several celebrities among its list of investors. Some include Orlando Bloom, Leonardo DiCaprio, Cindy Crawford, Kaia Gerber, and Robert Downey Jr.

According to data from Crunchbase, the Marina Del Rey, California-based company has raised $250m since 2013.

Aspiration hopes to go public via a special purpose acquisition deal with InterPrivate III Financial Partners Inc. by the end of the first quarter next year.

Read more: Fintech firm Aspiration in .3bn SPAC merger

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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