Former Tesla Exec Leads New Climate Fintech: Interview With Tim Newell, CEO Of Aspiration
- by Impacts
- May 08, 2024
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In this Interview with TechBullion, fintech and sustainability industry veteran Tim Newell, gives us an insight into the growing demand for climate-friendly financial services and how climate finance company
Aspiration . Today’s consumers are digital and mobile, and expect their financial services to be the same. This has opened the door to offering new features that just weren’t possible with traditional bank accounts.
At the same time, we’re seeing the emergence of climate-conscious consumers as a powerful influence that crosses age, income and geographic lines.
I’m convinced that the next 3-5 years will see the incorporation of climate-friendly features in financial services go from being an emerging idea to an expectation for consumers.
How can individuals align their everyday spending with their climate-conscious values through Aspiration’s services, how does Aspiration help in this aspect?
Beyond our signature tree planting program, Aspiration also helps customers shop more sustainably. Through their Aspiration accounts, customers can find brands that have prioritized sustainability as part of their mission. Not only do they earn cash back on these purchases, but they can feel confident that their dollars are supporting brands that prioritize sustainable business practices.
How does Aspiration’s green consumer financial services differ from traditional banking options, and what sets Aspiration apart from other fintech companies in terms of its focus on sustainability?
Banks may not seem like major polluters since they lack the visible infrastructure of smokestacks or oil wells. But the truth is that most traditional banks invest a large portion of customer deposits in the fossil fuel industry. According to a 2023 study, since 2016 alone, the top 60 banks have funneled $5.5 trillion into fossil fuel companies and activities. That’s where green banking alternatives like Aspiration come in. We commit to never using customer deposits to fund fossil fuel exploration or production.
But we don’t stop there, we build climate action into everyday financial tasks and routines so our customers can easily incorporate climate action into their lives without having to make lifestyle changes or spend more money.
Is there a specific target audience that the company aims to serve in terms of combating climate change through financial choices?
Our focus is on the almost 50 million climate-conscious consumers who are actively seeking to have an impact through their everyday choices about how they live, and, importantly, through the products and services they purchase. They span across all demographics but are especially prevalent in Gen Z and Millennials.
Aspiration’s goal is to provide individuals with financial products that help rather than harm the planet, do you have any success stories you would like to share with us?
Our customers consistently say the thing they value most about Aspiration is that we offer an easy, effective way for them to have a daily impact on a problem that is important to them.
Each day, our customers contribute to the planting of more than two football fields worth of trees. To date, we’ve planted over 28 million trees, covering an area larger than 5,200 football fields. The climate-friendly features built into our products initiatives have neutralized or avoided the equivalent of over 340,000 tonnes of carbon. Think of that as roughly equivalent to avoiding the impact of burning almost 40 million gallons of gasoline.
The impact on the environment through conscious spending and investing cannot be overemphasized, where do you see the future of climate-friendly financial services?
Climate concerns are only going to increase, that’s absolutely going to continue to drive consumer demand. Alongside that, AI will also have a huge impact. Across the financial industry, AI will be transformative, but particularly in terms of enhancing the transparency of all kinds of financial transactions – including the climate impact of financial transactions or investments.
What can we expect from Aspiration moving forward, do you have any available opportunities for investors and partnerships in this climate mission? Any other tips you would like to share with us today?
We’re actively engaged in developing partnerships – to develop and/or integrate new products, to reach customers, and for capital availability to finance growth.
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