At Purpose, we believe banking can be a vehicle for innovation and social change. We offer socially responsible banking with a focus on promoting responsible consumption. Together with our customers, we are choosing to redirect our money towards a future we believe in, encourage other financial institutions to move towards kinder banking, and discover and share mission-aligned products with other changemakers.
We work with our partners to divest from exploitive industries and promote a kinder and more sustainable future for all beings
We collect and share data on sustainability and animal welfare practices to help consumers better align their money with their values
As a double bottom-line business, we dedicate a percentage of each transaction to support advocacy organizations
As part of our mission to celebrate a more sustainable lifestyle, we offer an incredible planet and animal-friendly rewards program
Banks play a big role in our economic system by facilitating investments and loans. When you put money in the bank, it doesn’t just sit there. Banks use your deposits to make loans to industries, companies and projects that may not align with your values. And if you’re like most people in the US, your money is likely in a bank that is funding fossil fuels, factory farming, and other destructive industries or projects.
Choosing a bank that aligns with your values is one of the most impactful moves you can make. Banks that act with transparency and consideration for their impact have the power to influence exponential positive change. At Purpose, we believe that banking that is “Sustainable,” “Socially Responsible," or “Green,” should also be cruelty-free. Factory farms and slaughterhouses have devastating impacts on the planet, animals, and the public. Despite this, most financial institutions turn a blind eye to these impacts and continue financing new land, feed lots and processing facilities. That’s why we built a banking product dedicated to financing a kinder future for all beings.
to the fossil fuel industry
Between 2016 and 2020, the world’s 60 largest banks invested a combined $3.8 trillion into the fossil fuel industry. Last year showed a significant increase in funding despite many of the banks continuing to voice their support for the Paris Agreement and signing up to net zero pledges.
to large factory farms
Between 2015 and 2020, the world’s largest meat and dairy producers received over $478 billion in backing by over 2,500 financial institutions. Top funders included Bank of America, Citi Bank, Chase Bank, Wells Fargo and others. Even green banks and credit unions provide financial backing to intensive animal agriculture behind the scenes.
Between January 2016 and June 2021, banks and other financial institutions provided $238 billion in credit to the largest 300 firms involved in the production and trade of key commodities that threaten forests. The investments lacked adequate policies to safeguard against deforestation, nature destruction or human rights violations
Purpose is a certified Public Benefit Corporation striving to offer a diversity of financial services in a responsible and transparent way. Our goal is to help individuals improve the quality of their lives and at the same time have a positive impact on the world around them. Instead we work to make sure that as much of your money as possible goes towards driving positive change. That includes providing access to capital to those who traditionally lack it – underserved communities, women and minorities.
As a double bottom-line company, we are committed to distributing 10% of net income to mission-aligned advocacy organizations. In 2022 we directed our giving to standout organizations focused on ending the abuse of animals raised for food. As we grow, we plan to continuously look for ways to expand our impact and to share our process with our users.
Loans to communities in low and moderate income areas
Loans to female and minority owned businesses
Financing energy efficient buildings and other infrastructure
Working with federal programs that promote access to capital and local economic growth