The new independent business will function as a separate neobank providing ecologically friendly goods while carrying on business under the Aspiration brand.

Newell, who will lead the spin-off business, commented on the changeover in a post on LinkedIn, saying that he had "completed a management buyout" with Aspiration Partners.

With this action, a new independent business dedicated to offering US clients a "new generation of climate-friendly financial products" is established.

For those who care about the environment, the company provides environmentally friendly checking, savings, and investment accounts. By branching out into lending, investing, banking, credit, and insurance services, it also hopes to increase the range of products and services it provides.

The Aspiration brand will be operated by Mission Financial Partners, a company that Newell launched in 2023.

Coastal Community Bank will provide banking services on the Aspiration platform for Mission Financial Partners, which will operate as a fintech rather than a bank.

Furthermore, every member of Aspiration's consumer business management team and staff has consented to work with Newell as the new venture's starting team.

Newell provides an explanation of the rationale behind the necessity of a new independent business in a blog post on the corporate website. "As Aspiration grew, it expanded its role in climate finance, investing in global carbon markets and helping corporations offset their carbon emissions," says the COO of Aspiration Partners, who formerly oversaw Aspiration's consumer fintech section.

"Aspiration Partners experienced new growth opportunities as a result of the strategic shift towards serving large enterprises, but it also created competing priorities with the company's original consumer-focused mission."