Aspiration Partners Inc., a Los Angeles-area financial technology company, is cutting about 180 workers across the business in a restructuring.
The permanent layoffs, at its Marina del Rey, California, headquarters and remote locations in California and elsewhere, are "necessitated by the need to streamline and restructure the business in light of current economic conditions and limited capital available to the Company," according to a Worker Adjustment and Retraining Notification (WARN) letter the company filed Friday with the state of Missouri, where four remote positions will be eliminated in the St. Louis area.
The layoffs will occur between May 26 and June 1, according to the notification.
The letter to the state said it was being provided in accordance with the federal WARN Act "out of an abundance of caution" because of remote workers in the state. The WARN Act requires employers with 100 or more full-time workers to provide 60 days' notice of a layoff of 50 or more workers, among other requirements.
Other titles in the companywide layoffs include dozens of customer engagement representatives, senior managers and engineers.
The notification letter, signed by CEO Olivia Albrecht, stated, "The company is saddened to have to take this step."
Aspiration Partners, which describes itself as a "climate finance company," invests in carbon removal projects worldwide to generate carbon credits, and its platform allows individuals and businesses to buy carbon credits and invest in environment-friendly projects.
The company's subsidiaries and affiliates include Aspiration Financial LLC, a registered broker-dealer; Aspiration Fund Adviser LLC, an SEC-registered investment adviser; Aspiration Card Services LLC, offering credit services; Aspiration Insurance Agency LLC, an insurance agency registered in all 50 states; and other service businesses.
In 2021, Aspiration entered into a merger agreement with InterPrivate III Financial Partners Inc. (NYSE: IPVF), a publicly traded special purpose acquisition company (SPAC). When that deal closes, the combined company is to be named Aspiration Inc. and expects to be listed on the New York Stock Exchange under the new ticker symbol ASP.
