Openfinance, Aspiration, and 3 Other Venues to Change Your Finances

How Personal Finance Software Helps You Get More Out of Your Money

Much has changed in the world of finance over the past few decades. It’s easier than ever before to access banking services, invest in new products, move money across borders, dive into the cryptocurrency markets, and more. 

A lot of this change has been driven by fintech startups that have harnessed the power of the internet and the market’s desire for innovation. Many startups also align themselves with the social values of their customers, providing them with the option to support businesses that believe in the same causes as they do. 

The abundance of information available online has opened consumers’ eyes to the choices that exist. Customers place their values and beliefs at the forefront of their decision-making. 

They have a desire to change their finances in a way that supports their goals, allows them to grow all while ensuring that they’re not effectively contributing to the decline of our planet. 

Many companies are now structuring their products and services around the social values of their customers. They understand that this demographic cares about supporting businesses that share the same values. 

We see examples of such forward-thinking companies in all segments of the financial industry. This includes online banks, investment platforms, exchange-traded funds, and more.

Openfinance

Investing in alternative assets hasn’t always been easy. They have generally been available only to a small subset of qualified investors. Therefore, the vast majority of individual traders were unable to take advantage of these incredible opportunities. 

Openfinance is changing that by making these opportunities available to everyone, regardless of whether they reside in the US or overseas and whether they’re accredited or non-accredited investors.

The company strives in streamlining manual processes. Normally, settlement for most alternative assets can take up to eight weeks. Openfinance is capable of settling most trades in just a few minutes, thus providing customers with quicker access to their capital.

FEATURES:

  • With Openfinance, investors can get access to a variety of assets including venture capital and private equity in one marketplace. 
  • Investors are connected with eligible assets based on their qualifications. 
  • Relevant regulations are enforced automatically with every trade to ensure that investors are always in compliance. 

ADVANTAGES:

  • Ability to access the $9.5 trillion alternative asset market
  • Most trades settle within minutes, thereby providing quicker access to capital

DISADVANTAGES:

  • Not suited to beginner investors
  • Average deal size may be what most average retail traders can afford

PRICE:

Openfinance’s commission on trades ranges from 1.5% to 2.5% of the notional amount sold. It also charges fees for additional services such as incoming and outgoing wire transfers.

Spend, Save, and Invest For Your Future and a Greener World

Join Aspiration today to put your money where your values are.

Learn More About Aspiration

Aspiration

Aspiration is a socially conscious neobank that remains 100% committed to clean money. It vows to not use customer deposits to fund fossil fuel projects that have a devastating impact on our planet. 

It offers cash management accounts in addition to investment and retirement products to customers. Aspiration’s credit card rewards customers for going carbon neutral. It plants a tree every time customers make a purchase. For each month customers get to carbon zero, Aspiration rewards them with cashback up to 1% on all of their purchases.

Getting started with Aspiration is fairly simple. Open an account online or through the mobile app. Eligible customers can have their accounts up and running in just a few minutes. 

FEATURES:

  • Up to 1.00% APY on deposits
  • Option to offset your carbon footprint with every transaction
  • A mutual fund that only invests in green companies

ADVANTAGES:

  • Online-only account opening and easy-to-use app
  • Secure your funds and save the planet at the same time

DISADVANTAGES:

  • No business banking
  • Limited lending products

PRICE:

Aspiration’s basic cash management account is free to open and operate. However, the up to 1.00% APY is only available on Aspiration Plus that costs $7.99 per month.

Chime

Chime is an online bank that provides customers the convenience of mobile-first banking. Funds deposited with Chime attract FDIC insurance up to $250,000. Customers can access their money through MoneyPass and Visa Plus Alliance networks that include over 38,000 fee-free ATMs across the United States.

You can open either a Spending Account with Chime and that brings with it a Visa debit card. They can also open a Savings Account that offers 1.00% APY on deposits. 

It’s easy to get up and running with Chime. Applying for an account takes less than two minutes and doesn’t cost anything. It has no impact on credit scores, either.

FEATURES:

  • A credit-builder account helps increase credit score by an average of 30 points
  • No monthly or maintenance fees for accounts
  • Support for mobile payments platforms like Apple Pay and Google Play

ADVANTAGES:

  • Fee-free overdraft of up to $100
  • Get paycheck up to 2 days earlier with direct deposit

DISADVANTAGES:

  • No physical branch network
  • High fees for cash deposits

PRICE:

Chime doesn’t have any fees to sign up for. It also doesn’t charge customers any minimum balance or transaction fees. There are no card replacement fees, either. A $2.50 fee is charged when withdrawing money from an out-of-network ATM.

Humankind ETF

The Humankind exchange-traded fund (ETF) holds the belief that decisions made by investors change the fate of the world. Therefore, the ETF aims to make it easier for investors to invest their money in a manner that’s not only best for them but also humanity.

As of January 2021, the Humankind ETF has a weighted average market cap of $298.83 billion with 1,000 holdings. 

FEATURES:

  • Socially responsible investing
  • Target companies are analyzed holistically on over 30 metrics
  • Investing in companies that great positive value for humanity

ADVANTAGES:

  • ETFs provide portfolio diversification
  • Ability to own shares in blue-chip companies without paying full price

DISADVANTAGES:

  • No control over portfolio investments
  • Higher investment required to generate substantial returns

PRICE:

Humankind ETF has a 0.11% expense ratio which is in line with what other ETFs in the market charge. Since underlying exposure is in equities, there may also be a risk of capital loss should the market go through a downturn.

PayJunction

PayJunction was founded with the express purpose of making payment processing easier, more secure, and effective for small businesses in particular. Its contactless payments solutions allow businesses to limit their customers’ exposure to payment terminals as well as their employees’ exposure to credit cards.

The company also offers Remote payments services, enabling businesses to expand their offerings to curbside and tele-appointments all while reducing disputes and minimizing fees.

FEATURES:

  • Ability to process ACH payments
  • Accept recurring payments for memberships and subscriptions
  • Easier payment management for multi-location businesses

ADVANTAGES:

  • ZeroTouch terminal eliminates the need for employees to handle credit cards
  • Hosted Checkout and third-party shopping cart support for e-commerce merchants

DISADVANTAGES:

  • Lower volume merchants subject to a monthly fee
  • High-risk industries not supported

PRICE:

PayJunction aims to offer better pricing than competing payment processing services. As such, it has lower fees for swiped and keyed transactions as well as for ACH check processing. It boasts one-day deposit times compared to 2 or more days for competitors. 

Leave a Comment

Your email address will not be published. Required fields are marked *