Good Money Gets $30 Million USD Via Series A Funding Round Led By Galaxy Digital
Good Money, an important digital banking platform, was recently able to raise $30 million USD via a Series A funding round which was held to continue the develop its app, which is currently during the process and will be released sometime during 2019. The round was led by Galaxy EOS VC Fund, a fund owned by the company created by Michael Novogratz.
Some other relevant participants of the funding round were Justin Rosenstein, Blocktower Capital, Boost VC, Troy Carter, Mitch Kapor, Breyer Capital, Peter Diamandis Blake Mycoskie, BlockChange Ventures, Cross Culture Capital and Ken Howery.
The main goal of the company is to be a bank in which the users will be able to have some equity and incentives created for the people who install the upcoming app on their smartphones or refer friends using special codes. The main differential is the equity part, which means that the customers will be more than customers but also investors on the company.
Another part of the plan is the launch of ATMs all over the country in which the customer will pay low loan rates and no overdraft fees.
Everything on the bank will be done via the app, which will also contain a mobile crypto wallet that the clients will be able to use. Users will also be able to choose how half of Good Money’s profits will be used. They can choose charities and philanthropic projects to donate money for.
Gunnar Lovelace, the founder of the company, has affirmed that his company seeks to use the traditional practices of commercial banks and improve on them to curb everything that is bad and make it more decentralized and fit for the customers of all the world.
According to the founder,
“The company was founded to help consumers to take their money out of a system that is “destroying the planet” and taking the wealth from the poor and giving it to the rich. He believes that people pay a lot for bad banking services and this has to end in order to start something new and more tailored to the needs of people.”
Defining modern banking as the “primary driver” of many issues like inequality and political corruption, the bank intends to really be a bank that will not be what people think of a bank, but a very different institution instead.