Aspiration - The Rise and Fall: Business Case Study

Aspiration was a California-based neobank founded in 2013 that positioned itself as the sustainable alternative to traditional banking. The company built its value proposition around fossil fuel-free deposits, automatic tree planting for every transaction, and a "pay what is fair" pricing model that allowed customers to set their own fees.

At its peak in 2021, Aspiration claimed more than 5 million customer accounts, had raised over $870 million in funding from venture and celebrity investors including Leonardo DiCaprio, Robert Downey Jr., and Orlando Bloom, and announced a $2.3 billion SPAC merger.

The company earned B Corp certification and was named "Best for the World" five times between 2017 and 2022.

However, the company's trajectory took a dramatic turn when federal investigations revealed extensive fraud by co-founder Joseph Sanberg.

In March 2025, Aspiration Partners filed for Chapter 11 bankruptcy after Sanberg was arrested on wire fraud charges. He later pleaded guilty to defrauding investors of $248 million.

The consumer banking brand was spun off in 2024 and continues operating under new ownership as GreenFi, while the Aspiration story serves as a cautionary tale about governance failures in mission-driven companies.

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