Aspiration plans to go public via SPAC, all while reducing carbon footprints

Would be listed on the NYSE under the ticker symbol "ASP."

Green fintech Aspiration, known for its sustainability practices in the payments space, announced a SPAC merger with InterPrivate III Financial Partners Inc on Wednesday that would vault the company to public status by year’s end.

Upon closing, Aspiration also revealed it would be listed on the New York Stock Exchange under the ticker symbol “ASP.”

Aspiration hosts a suite of sustainable banking services that includes carbon neutral credit cards and investment products that help customers keep their deposits out of fossil fuels. The company even claims to offset the carbon dioxide from every gallon of gas you purchase with their Aspiration Plus plan.

Users also have the option to plant a tree with every round up for its five million members – who have collectively funded the restoration of 35 million trees, Aspiration said.

Most recently, Aspiration unveiled its new card coined “Zero” that currently hosts a waitlist for consumers to take part in the benefits of its previous Aspiration plans while also tracking the carbon footprint of its users. Every month you get to carbon zero, Aspiration rewards you with cash back up to 1% on all of your purchases.

“Aspiration is in the business of fighting the climate crisis,” Andrei Cherny, CEO and co-founder of Aspiration, said in an announcement about the deal. “We help people and businesses build sustainable impact into what they do every day by making it easy, automated and powerful, whether it is in the ways people spend and save their money or the ways businesses engage their customers.”

The company recorded $14.7 million in revenue in 2020 and expects to generate $97.9 million this year, according to an 8-K filed with the Securities and Exchange Commission.

“Through its merger with InterPrivate, Aspiration will become the first ESG-driven fintech, a unique platform enabling individuals and enterprises to integrate and automate impact into their every-day financial and commercial transactions,” said Ahmed Fattouh, Chairman and CEO of InterPrivate III.

Wednesday’s release also reported that Cherny will remain the CEO of the combined company and Joe-Sanberg, Co-Founder and board member will continue to serve on the board.

Aspiration SPAC Nitty Gritty

The transaction implies a pro forma equity valuation for Aspiration of $2.3 billion, or 7.7x implied enterprise value to projected 2022 revenue of $254 million and 3.8x projected revenue of $508 million for 2023.

Consideration to Aspiration’s shareholder will comprise at least 175 million shares of InterPrivate III common stock, as well as up to an additional 100 million shares based on the performance in the share price over a 5-year period. 

According to Aspiration, the company is expected to have over $400 million in cash that will be used on business development, making and product/technology build out.

At the closing of the transaction, Aspiration will become a Public Benefit Corporation under Delaware law with a public purpose to “help those we serve Do Well and Do Good for People and the Planet.”

Citigroup Global Markets Inc. is acting as financial advisor, Union Square Advisors is acting as capital markets advisor and Latham & Watkins is acting as legal advisor to Aspiration.

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