Aspiration, Inc. was founded in 2013 by Andrei Cherny and Joe Sanberg as a sustainability-focused digital financial services company headquartered in Los Angeles, California. It aimed to offer socially conscious banking and investment products that avoided funding fossil fuels, with a mission encapsulated by the slogan "Do Well. Do Good." Aspiration launched publicly in 2015 and raised over $250 million by 2020. In 2021, it went public through a $2.3 billion SPAC merger backed by investors including Steve Ballmer, who committed $315 million in additional financing[1][3][7]. Aspiration’s signature product was the Aspiration Redwood Fund, aligned with sustainable investing principles. The company positioned itself as a "sustainability-as-a-service" provider, combining digital banking with environmental impact commitments such as pledging to plant millions of trees to offset carbon emissions. However, investigations by the U.S. Department of Justice and Commodity Futures Trading Commission revealed discrepancies in these claims, leading to scrutiny of the founders’ actions and the company’s environmental assertions[1]. In March 2025, co-founder Joe Sanberg was arrested on fraud charges, and shortly after, Aspiration filed for Chapter 11 bankruptcy protection, planning to restructure debt and sell itself to creditors. The company also became embroiled in controversy involving the Los Angeles Clippers and NBA star Kawhi Leonard, where Aspiration was reportedly used to circumvent the NBA salary cap via an endorsement deal, intensifying legal and reputational challenges[1][3]. Before its collapse, Aspiration was notable for pioneering a business model blending fintech innovation with environmental and social responsibility, attracting significant investment and public attention for promoting ethical finance. Leadership changes occurred when Olivia Albrecht replaced Cherny as CEO in 2022 amid operational challenges[1]. Despite its downfall, Aspiration’s trajectory reflects the complexities and risks of integrating sustainability promises within financial services in the evolving business and technology landscape.