SAN DIEGO, Oct. 21, 2021 /PRNewswire/ -- Sustainable Banking service Ando today announces a seed funding round of $6 million, led by TTV Capital and including investments from HOF Capital, Kinetic Ventures and NNS Group. Ando is a fast-growing, consumer- and planet-friendly alternative to traditional banking. So far this year, more than 30,000 Ando customers have helped fund sustainable loans across three-quarters of the United States. Big banks use customers' deposits to fund fossil fuels and other carbon-intensive industries: Over the last 5 years, the world's 60 largest banks have invested more than $3.8 trillion of their customers' money into the fossil fuel industry. Ando, on the other hand, is revolutionizing personal finance by investing customer deposits in carbon-reducing projects that fight climate change, and by providing complete transparency into where it invests customers' money.
"We believe there's a compelling need for innovation and advancement in the financial industry," said Gardiner Garrard, co-founder and managing partner at TTV Capital. "Ando's Sustainable Banking solution provides customers with modern banking features including, for the first time ever, the ability to direct 100 percent of their bank balance to fund sustainable investments. No other banking institution offers this, and we're excited about partnering with Ando to bring Sustainable Banking to millions of customers."
Additional investors cited differentiators including Ando's polished, user-friendly platform; mission-driven leadership and potential for massive, world-changing impact. Investors also considered the fact that consumers are increasingly interested in making socially conscious decisions (according to a recent BBMG/GlobeScan study, for example, 74 percent of respondents under age 30 globally say they've personally been greatly or moderately affected by climate change or global warming).
Ando launched in January 2021 as the only banking service that uses customer deposits to fund solar initiatives and other carbon-reducing projects. This active role in helping combat climate change comes at no cost to Ando users, who enjoy a full suite of the most desirable banking features, including best-in-class security, FDIC protection, bonuses for referring friends, free overdraft protection and the opportunity to get paid up to two days early. Quite simply, banking with Ando is the best in personal banking and the easiest way to have a constant and profound impact on reversing the devastating effects of climate change. Ando is a Certified B Corp and has partnered with legendary rock climber Alex Honnold to boost awareness of the banking industry's "dirty secret."
Ando routes customers' deposits to sustainable initiatives by partnering with local banks and credit unions; together, Ando and partner banks are funding thousands of sustainable loans to homeowners and businesses across the country. Current partner banks include WebBank and Virginia Community Capital, with loan recipients including home owners, community gathering places, fire departments, veterinary clinics and other local businesses.
These local bank partnerships help Ando quickly and efficiently route customer deposits to projects that will make an immediate and positive environmental impact. At the same time, the local banks can leverage Ando's national platform to more quickly meet their own sustainability goals.
"There are more than 9,000 community banks and credit unions across the United States," explained Ando founder and CEO JP McNeill. "Our partnership model helps these regional and smaller banks—which hold tremendous deposit power when united—fund and grow their green assets at no cost to their account holders. If Ando can help community banks grow their green loans by just 1 percent, it'd equate to $33 billion worth of green loans."
Ando is the leader in Sustainable Banking, disrupting the traditional banking industry by investing customer money exclusively in green initiatives like renewable energy and responsible agriculture, potentially giving users 27 times the impact of other environmental actions. Additionally, Ando is 100 percent transparent as to where those investments are made. These are just two of the many reasons Ando has been named a Certified B Corp, a recognition of their commitment to building a sustainable, inclusive economy that works for everyone. Ando users pay no monthly fees while enjoying the possibility of early paydays and easy transfers from old accounts. To learn more visit www.andomoney.com.