Aim: The Social Impact Financial App
LA-based financial services start-up Aspiration has launched the Aim (Aspiration Impact Measurement) app, allowing Aspiration bank account holders to monitor their ‘sustainability score’. This rating is based on the impact their daily shopping and spending habits are having on people and the planet.
According to Aspiration, the app will allow users to check the ethical and environmental standards of more than 5,000 companies, retailers and restaurants, measured on a scale of one to 100. Brands and purchases are scored against two metrics: how each company treats people, and the environment.
The app runs algorithms on 75,000 data points, considering everything from CEO and staff salaries to company usage of green energy. Sustainability metrics are produced by assessing statistics on greenhouse gas emissions, energy efficiency and water use. Human and employee rights measurements are determined by assessing employee benefit data, pay scales and workplace diversity.
Aspiration offers a pay-what-you-will fee structure for its customers, and has a banking product and a mutual fund for investors. It’s also donating 10% of its revenue to Accion – a US-based non-profit microloan provider enabling low-income Americans to start businesses. As of April 2017, Aspiration has roughly $200m in assets under management, and was the top performing sustainable investment fund of 2016.
For more on ethical financial services and rising consumer demand for tools to track which companies align with their personal values, see Flash Finance.