Leonardo Dicaprio-backed fintech Aspiration names new Chief Executive Officer

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October 13, 2022 5:18 PM EDT

FILE PHOTO: Leonardo DiCaprio poses on the red carpet during the Oscars arrivals at the 92nd Academy Awards in Hollywood, Los Angeles, California, U.S., February 9, 2020. REUTERS/Eric Gaillard

(Reuters) - Fintech startup Aspiration, backed by Hollywood celebrities Robert Downey Jr and Leonardo DiCaprio, on Thursday announced the appointment of Olivia Albrecht as its new Chief Executive Officer.

Albrecht, who joined the company earlier this year as Chief Sustainability Officer, succeeds Aspiration co-founder Andrei Cherny who served as CEO for nine years. Cherny will retain his position on the board, the company said in a statement.

Aspiration's leadership change comes as the company's merger with blank-check firm InterPrivate III Financial Partners Inc continues to be delayed.

Last year, InterPrivate said it would take the startup public in a deal valuing Aspiration at $2.3 billion. The merger, which was expected to be closed by the first quarter of 2022, is yet to be completed.

California-based Aspiration, which provides banking services, credit cards and investment products, had raised $315 million from funds managed by Oaktree Capital Management and affiliates of former Microsoft Corp CEO Steve Ballmer late last year.

(Reporting by Bhanvi Satija in Bengaluru; Editing by Krishna Chandra Eluri)


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