305: [Tim Newell] Ai Review

Today, we're diving deep into the world of GreenFi, where banking meets environmental action in a way that's good for your wallet and the planet! We're chatting with Tim Newell, the brains behind this innovative financial model that promises to keep your hard-earned cash out of fossil fuels. You might be surprised to learn that your regular banking could be indirectly fueling the climate crisis—yikes! But with GreenFi, not only do you get to bank without the guilt, but your everyday spending can actually help plant trees and support reforestation efforts. So, buckle up as we explore how making a simple switch in your banking choices can pack a punch for the planet, and why where you bank really matters more than you might think!

In this episode of About That Wallet, host Anthony Weaver chats with Tim Newell, CEO of GreenFi, a cool fintech company that's all about green banking. They dive into how you can make a real difference for the planet just by moving your money around.

Tim breaks down what green banking is all about and how traditional banks often support fossil fuels, while GreenFi is all about funding eco-friendly projects. He shares tips on how you can grow your wealth while staying true to your values, like planting trees with every debit card swipe!

Listeners will pick up some handy strategies to align their finances with their principles and learn why financial literacy is key in tackling climate change. Tim’s journey from government to leading a climate-focused fintech is super inspiring, showing that your money choices can reflect your ethics.

💬 Question of the Day: How do you mix your values with your financial choices? Let us know in the comments!

🔗 Connect with Tim Newell:

Website: https://greenfi.com

LinkedIn: Tim Newell on LinkedIn

💡 If you liked this episode, remember to:

✅ Subscribe to About That Wallet

✅ Leave a review so others can find these insights

✅ Share this episode with your friends!

=|| 📚 Chapters ||=

(00:00) Intro

(03:21) 40% of US consumers

(22:34) Who to cut?

(25:41) Is it easier to acquire a business or start it from the ground up?

(27:42) Jeff Bezos

(39:26) Understanding people

(48:45) Financial Security

(53:58) Final Four

(01:02:47) Where could people find out more about Tim

🙏🏽 Thanks for tuning in! Your support helps more people develop solid financial habits and engage in important talks about money and sustainability.

📩 Join the About That Wallet Newsletter for budgeting tips, saving strategies, and more:

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✨ Follow Anthony Weaver:

Instagram: @AboutThatWallet

Twitter: @AboutThatWallet

Website: aboutthatwallet.com

⚠️ DISCLAIMER:

This content is for educational purposes only and is not financial advice. Always consult a licensed financial professional when needed.

#AboutThatWallet #GreenBanking #ClimateChange #SustainableFinance #FinancialLiteracy

Episode 305 (bonus)

Takeaways:

• Green banking, like GreenFi, promises financial services that benefit both your wallet and the planet.
• Switching to green banking can have a larger climate impact than buying an electric vehicle.
• Traditional banks have funneled over $5.5 trillion into fossil fuels since 2016, which is just mind-boggling!
• Your choice of bank may mean that up to 30% of your money indirectly supports the climate crisis.
• GreenFi's customers have planted over 4 million trees, restoring

Episode Transcript

(00:00):
Welcome to the Deep Dive.
We take your stack of sources,break them down, and pull out the
key insights just for you.
Today we're actually buildingon some really interesting chats
with Tim Newell.
You might know him from theabout that Wallet podcast.
And we're doing a speciallook, a deep dive into GreenFi.
We want to unpack what it is,why green banking really matters,
maybe more than you think, andthe surprising power that's kind

(00:23):
of hidden in your everydayfinancial choices.
Okay, so let's dig into greenfi.
Their core promise basicallyis banking that's good for you and
good for the planet.
So think checking, savings,investment accounts, all designed
specifically to keep yourmoney out of fossil fuels.
That's the main thing.
Plus they stress, you know, nomandatory fees, no greenwashing,
and they actually help yousave, earn cash back, and plant trees

(00:45):
too.
Right.
And I think it's, it's reallycrucial to understand why this is
such a big deal, like on alarger scale, because the numbers
are pretty shocking.
Traditional banks, just thetop 60, have poured over, get this,
$5.5 trillion into fossilfuels just since 2016.
Trillion.
Wow.
Trillion, yeah.
So what that means for theaverage person is that maybe up to

(01:08):
30% of the money you just havesitting in a regular bank account,
it might be indirectly findingthe climate crisis.
30%.
Okay, that's, that's a lothigher than I think most people would
guess.
It's sort of an invisiblefootprint in your wallet.
So thinking about that hiddenflow, that invisible impact, what
does that mean for youlistening right now?
I mean, how much power doesyour choice actually hold here?

(01:30):
It holds immense power.
Honestly, switching to greenbanking, something like GreenFi can
genuinely have a biggerclimate impact than buying an EV
or, you know, making your homesuper energy efficient.
Bigger than an ev?
Yeah, potentially.
And the kicker is it costs younothing to make the switch.
Zero.
Just try to imagine thecollective power, right, if every

(01:50):
single household in the USswitched, that could prevent funding
emissions equivalent toburning like 161 billion gallons
of gasoline every year.
Okay, that's, that's not justbig, that's genuinely transformative.
161 billion gallons.
So if traditional banking hasthis sort of hidden climate cost
baked in, what exactly isGreenFi doing differently?

(02:13):
How do they ensure your moneyworks for the planet?
Well, they've got some veryspecific climate friendly features
built in.
First off, they absolutelyguarantee none of your deposits will
support the fossil fuelindustry, period.
That's the baseline.
That's the baseline.
But then beyond that, youreveryday spending can actually help
Reforestation efforts.
Their customers have plantedover 4 million trees already, which

(02:35):
sounds like a lot.
And it is.
It works out to restoringabout two and a half football fields
of forest every single day.
Wow.
How does that work?
Mostly through programs liketheir plant your change thing where
they round up your purchases.
And the difference plants trees.
Yeah.
And for the premium customers,they even do automatic carbon offsets
for gas purchases.
So they kind of balance outyour emissions from driving.

(02:55):
Exactly.
They fund projects that pullgreenhouse gases out of the air.
Now, with such a clear, youknow, climate focus, you might think
greenfi is just for a tiny,super dedicated niche group.
But the market they're goingafter is actually much broader, isn't
it?
Oh, absolutely.
It's not niche at all really.
They're targeting.
Well, it's about 100 million Americans.

(03:17):
That's like 40% of adults whosay they're concerned about climate
change.
40%, okay.
Yeah.
And this cuts across all kindsof demographics.
Boomers, Gen Z, income levels,where you live doesn't really matter.
It's for anyone who's lookingfor ways to take meaningful action.
And these folks often tend tohave maybe slightly higher deposit
levels and are prettycomfortable with digital banking.

(03:38):
And the leadership hasexperience here too, right?
Tim Newell's background, right?
Yeah, Tim Newell, the CEO, hecomes with deep experience in both
fintech and climate tech.
Yeah, he was involved early onwith places like SolarCity and Tesla.
So there's real substancebehind it.
Okay, so it's got the mission,it's got the market.
But how does a business likethis, that's so impact driven actually,
you know, work?

(03:59):
How does it sustain itself financially?
Yeah, their journey isactually pretty interesting.
Greenfi spun out ofaspirations consumer business and
they went through this reallyradical restructuring.
They went from about 400employees down to just 40, which
sounds drastic.
40, that's a huge cut.
Huge.
But here's the thing.
They managed to keep over 98%of their customers through that process.

(04:22):
Wow.
Which really shows, I think,how powerful that mission alignment
is.
People stuck with them.
It wasn't just about cutting costs.
It was about focusing on thatcore passionate base.
And today they're operating ata decent scale, around 150,000 customers,
maybe $300 million in depositsand assets they manage.
And they process nearly 5million transactions a month, so

(04:43):
it's substantial.
And how do they actuallygenerate revenue with that kind of
model?
Especially the no mandatoryfees part?
Good question.
They have a few different ways.
There's the net interestmargin, the difference between what
they earn on loans or investments.
And what they pay on deposits,like any bank.
Then there's interchange,those small fees merchants pay when

(05:03):
you use your card.
They also offer premiumsubscriptions with extra benefits.
And they have this reallyunique pay what is fair model where
customers can actually chooseto pay a voluntary fee based on the
value they feel they get.
Interesting.
Sort of like a tip jar kind of.
Yeah.
But built into the banking model.
Yeah.
And Tim Newell's vision, hesaid he wants greenfi to be like

(05:26):
the Patagonia for your bank account.
Okay, I like that comparison.
Right.
So they're looking to expandinto things like credit cards, maybe
climate focused cryptoaccounts, green lending for EVs or
solar panels.
And having that really clearniche, that passionate customer group,
it actually helps a lot withgetting new customers and making
money.
It really boosts their odds of success.
It seems like they're alsocommitted internally.

(05:47):
Walking the walk.
Exactly.
They make a point of beingcarbon neutral in their own operations
too.
Even though that adds cost, itreinforces that their values aren't
just marketing, they're coreto how they operate.
Okay, so wrapping up this deepdive then.
The big takeaway seems to bethat where you choose to bank, it's

(06:07):
actually a surprisinglypowerful climate action you can take.
It's simple, it doesn't costyou anything extra, but it can make
a really monumentaldifference, especially collectively.
So maybe the question to leaveyou with is what stands out to you
about the power your everydayfinancial decisions hold?
Something to think about.
Definitely.
And if you like this deepdive, please do subscribe.

(06:28):
Maybe leave us a review, shareit with someone you think might find
it interesting.
And you can join the aboutthat Wallet newsletter too.
The link for that is rightthere in the show notes.
Thanks for joining us.