Galaxy Digital Leads $30 Million Funding for Social-Crypto Startup Good Money

Good Money, a crypto banking platform, raised $30 million for future development work.

AccessTimeIconDec 10, 2018 at 6:00 p.m. UTC
Updated Sep 13, 2021 at 8:39 a.m. UTC

Digital banking platform Good Money just raised $30 million in a Series A funding round to continue developing its app.

Led by Michael Novogratz's Galaxy Digital (via its Galaxy EOS VC Fund), participants in the funding round included Breyer Capital, Blocktower Capital, Boost VC, Ken Howery, BlockChange Ventures, Cross Culture Capital, Troy Carter, Mitch Kapor, Peter Diamandis Blake Mycoskie and Justin Rosenstein, among others.

The startup aims to act as a bank through which every customer owns some amount of equity, with incentives baked in for those who install the app, refer friends and set up direct deposits.

As part of its traditional banking services, Good Money says it will offer free ATMs nationwide, no overdraft fees, low consumer loan rates and a 2 percent Federal Deposit Insurance Corporation Savings rate. The company intends to release its full app sometime in 2019.

The platform works through its app, a mobile digital wallet with a number of other features. Users can also direct 50 percent of the startup's profits to their charity or philanthropic project of choice.

Good Money founder and CEO Gunnar Lovelace said in a statement that his firm seeks to take on traditional banking practices, which "is a primary driver" of a number of issues including institutional racism, environmental destruction and political corruption.

"We founded Good Money to help consumers take their money out of a system that’s both destroying the planet and extracting wealth from the most vulnerable and put it into a new system focused solely on benefiting people and planet," he added.

Piggy bank image via Shutterstock

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.