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Blue Apron (NYSE:APRN) has announced the launch of the Blue Apron Aspiration Zero Card, a co-branded credit card in partnership with Aspiration aimed at rewarding customers while promoting environmental sustainability. Cardholders will receive cash back on qualifying purchases and contribute to planting trees with every transaction. This initiative is part of Blue Apron's loyalty program, which is expected to enhance customer engagement and provide further benefits in 2022. The collaboration highlights a first-of-its-kind offering in the meal-kit industry.
Aspiration has secured $315 million in equity funding from Oaktree Capital Management and investor Steve Ballmer, enhancing its financial foundation. This includes $250 million from non-convertible preferred stock with an 8% dividend and $50 million from convertible pre-merger securities. Aspiration anticipates net proceeds exceeding $700 million post-business combination with InterPrivate III Financial Partners. The deal, expected to close in Q1 2022, marks a significant step forward in Aspiration's mission to drive sustainability initiatives.
Athletes Unlimited has partnered with Aspiration to launch the first U.S.-based carbon neutral professional sports leagues. This historic multi-year partnership, the largest in Athletes Unlimited's history, will include jersey sponsorship and sustainability initiatives across basketball, volleyball, lacrosse, and softball leagues. Aspiration aims to enhance Athletes Unlimited's sustainability efforts, including carbon assessments and community engagement. This agreement supports Aspiration's upcoming merger with InterPrivate III Financial Partners (NYSE: IPVF), leading to Aspiration's listing as a Public Benefit Corporation.
Aspiration Partners, Inc. reported a 645% year-over-year increase in third-quarter revenue, totaling $27.3 million, alongside a 1,178% rise in gross profit to $21.5 million. Year-to-date revenue reached $62.1 million, marking a 570% increase. The company is set to merge with InterPrivate III Financial Partners (NYSE: IPVF), aiming for a first-quarter 2022 completion. Aspiration continues expanding its sustainability initiatives, including partnerships and new products, while also investing heavily in marketing ($22.5 million this quarter).
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Aspiration has launched the Aspiration Zero card, a unique credit card designed to combat climate change. Users can offset their carbon footprint by using the card just once daily, earning unlimited 1% cash back for monthly usage. The card supports tree planting initiatives with each purchase. Aspiration is also merging with InterPrivate III Financial Partners Inc. (IPVF), set to be a publicly traded sustainable finance company. With over 5 million members and 35 million trees planted in the past year, Aspiration aims to empower consumers for sustainable financial practices.
Aspiration, a leader in sustainability-focused financial services, introduced new offerings under its "Save Money, Save the Planet" initiative. Effective October 12, 2021, Aspiration Plus members can earn up to 5.00% APY on savings, significantly higher than the national average of 0.06%. Standard accounts offer 3.00% APY. Members spending $1,000 monthly on the debit card will benefit from these rates. Alongside this, Aspiration has agreed to merge with InterPrivate III Financial Partners Inc. (IPVF), paving the way for the company to become publicly traded.
Aspiration has partnered with the LA Clippers as the first Founding Partner of Intuit Dome, aimed at being the first climate-positive arena. This multi-year deal includes sustainable initiatives like the Planet Protection Fund to offset fans' carbon impacts. Aspiration's merger with InterPrivate III Financial Partners Inc. (NYSE: IPVF) is progressing and will lead to Aspiration's public listing. Intuit Dome, opening in 2024, aims for LEED Platinum certification, complete carbon neutrality, and innovative sustainability practices.