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Good Money Aims to Lead the Future of Banking

December 11, 2018

 

Back in 2016, Gunnar Lovelace and small team garnered $111 million in Series B financing for their startup, Thrive Market, that curates the best prices for natural groceries for its’ members in exchange for $60 a year in membership fees.

 

More recently, Lovelace and his team seem to have capitalized on crypto’s rapid growth by moving their efforts to the blockchain with a different sort of firm. This October, Coindesk and other industry news outlets announced that Lovelace was working on a stealth startup with the goal of using Thrive Market’s existing influencer base to promote crypto to the masses. At the same, little details were given on the subject beyond the fact that the company would be called Good Money and it had the major goal of becoming a mobile banking platform, driven by the millennial generation. On top of this, since they had reportedly raised most of their capital conventionally, it appeared that Good Money would become the first regulated, crypto banker.

 

Now, as of yesterday, it was announced that Good Money raised another $30 million to continue working on the overall development of its’ banking solution. Two specific factors stand out as notable, related to this funding round. First, it was led by a wing of Galaxy Capital that deals exclusively in projects which aim to be included in the EOS network’s future app platform. Second, in connection with these announcements, Good Money also released more details about their future mobile bank. Reportedly, it will include a large, fee-less ATM network across the United States, in addition to provisions for never charging clients overdraft fees and giving clients who open savings accounts the ability to early 2% in yearly, traditional interest.

 

In addition to these announcements, Lovelace, who acts as Good Money’s CEO, made clear that their bank aims to free its’ customers from the constraints of the traditional financial system and offer them an alternative that better serves them and the world at large.

 

With all of this in mind, two crucial questions remain unanswered.

 

How does Good Money aim to achieve its’ mission and how exactly will they involve cryptocurrencies in doing so?

 

For now, we will have to wait for the platform’s launch for this to become clear.

 

 

By: BGN Editorial Staff

 

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