GreenFi has launched as a new brand for climate-friendly consumer banking and investment services, securing an initial investment of $17 million.

The company, which offers a range of sustainable financial products including savings and green investment accounts, was formed following the acquisition of consumer FinTech Aspiration by Mission Financial Partners (MFP) in 2024.

The deal was led by Tim Newell, former head of Aspiration's consumer FinTech division and former leader of Tesla's financial products team.

The launch is part of the restructuring plans of the former Aspiration consumer finance business, with the spin-off leading to the establishment of GreenFi as a new independent company focused on providing climate-friendly financial solutions.

Tim Newell, now founder and chief executive of GreenFi, said the $17 million investment will accelerate GreenFi's development of new banking, lending and investment products that offer both strong financial value and sustainability.

"GreenFi offers our customers an easy way to align their financial goals with their values, knowing their money is supporting a healthier environment,” he added.

The brand said it's planning a smooth transition for existing customers, with current accounts automatically transferred from Aspiration to GreenFi and all deposits continuing to be free from fossil fuel financing.

GreenFi also confirmed plans to introduce improved financial products, including higher-yield savings accounts, climate-friendly credit cards, additional social impact investments and green loans.

“Last year alone, our customers funded the planting of more than 4.3 million that's a tree every 7.3 seconds, or enough trees to reforest more than two and a half football fields a day,” said Newell.

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