Neobank Aspiration Names Olivia Albrech as New CEO
Olivia Albrecht - Aspiration CEO

Neobank Aspiration Names Olivia Albrech as New CEO

Since its founding in 2013, the environmentally-minded neobank Aspiration has undergone many changes. Along the way, the company has also seen significant investments from such celebs as Leonardo DiCaprio and Robert Downey Jr., raising $250 million to date. Now, the company is undergoing another big change as a new leader is stepping up.

Recently, Aspiration announced that Olivia Albrecht had been named as Chief Executive Officer and will join the company’s Board of Directors. Albrecht, who joined Aspiration as its Chief Sustainability Officer earlier this year, replaces co-founder Andrei Cherny as CEO. Despite departing that role, Cherny will remain on the Board and serve as an advisor.

Aspiration currently offers a number of financial services and products — all of which are intended to help fight climate change. For example, the company launched its Aspiration Zero credit card, which promises to plant one tree for every purchase a customer makes. Similarly, the Plant Your Change program enables credit and debit card customers to donate their digital spare change toward tree-planting efforts. As Aspiration notes, it also has been growing its carbon markets business. According to the company, as CEO, Albretcht will build Aspiration’s carbon origination as well as develop “unique distribution channels across retail, small business, and large enterprise clients.”

Commenting on that aspect of Aspiration’s business and the appointment of Albrecht, Oaktree Capital Management Managing Director and Co-Head of North America for the Global Opportunities Brian Laibow said, “As the world accelerates toward large-scale decarbonization, the carbon credit markets will play an increasingly important role in corporate strategy, capital allocation, and consumer engagement. We are thrilled with Olivia’s leadership, building Aspiration’s market-leading position to capitalize on megatrends generated by the transition to climate neutrality.”

Meanwhile, addressing the out-going Cherny, Aspiration’s Board of Directors Chair Nate Redmond remarked, “We thank Andrei for his tireless dedication building Aspiration from initial insight to a significant and rapidly growing company,” adding, “Markets will reward pioneers that build comprehensive solutions for a net zero world. Andrei built a talented team at Aspiration that will continue, under Olivia’s leadership, to achieve the development of innovative products that are unlocking this rapidly emerging category of climate solutions.”

While some consumers may now be familiar with Aspiration via their neobanking efforts, this news shows that there’s much more to the company than many may realize. Also of note, the change in CEO comes as Aspiration is still set to undergo an initial public offering via a merger with a special purpose acquisition company (SPAC) — although this deal was originally expected to close in the first quarter of this year. Whether this leadership swap and increased emphasis on offering carbon offsets to enterprise businesses will have any impact on that deal and the success of an eventual IPO remains to be seen, but it will be interesting to see what becomes of Aspiration as it continues to grow.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories: Amazon.com, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...