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Union Square Advisors Serves As Exclusive Financial Advisor To Aspiration And InterPrivate III In A $315Million Incremental Equity Capital Raise From Oaktree And Steve Ballmer

Demonstrates Union Square Advisors’ expertise in providing comprehensive advisory and strategic capital markets advice to disruptive, high-growth ESG and financial technology companies

Union Square Advisors announced it served as the exclusive financial advisor to Aspiration a global leader in Sustainability as a Service solutions for consumers and companies, and InterPrivate III Financial Partners Inc. (NYSE: IPVF) (“InterPrivate III”), a publicly-traded special purpose acquisition company, in its $315 million of incremental equity financings from funds managed by Oaktree Capital Management, L.P. (“Oaktree”), a leading global alternative investment management firm, and investment affiliates of businessman and investor Steve Ballmer (“Ballmer”).

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“Raising significant equity now at a premium to the initial deSPAC valuation, coupled with non-dilutive long-term preferred financing, demonstrates a recognition of Aspiration’s accelerated growth this year,” said Aspiration CEO Andrei Cherny. “The switch to sustainability will likely be the largest, fastest shift in behavior in human history and we are proud to welcome the support of such respected investors as we move toward a historic listing to bring sustainability services and ESG-driven financial solutions to the public market.”

Ahmed Fattouh, Chairman and CEO of InterPrivate III, added, “The Oaktree and Ballmer financings, secured on attractive terms, confirm our thesis and significantly increase the minimum proceeds available for Aspiration to fully execute against all of its growth initiatives. Our confidence has only grown as Aspiration has generated impressive operating results, forged promising new strategic partnerships, and added world-class investors.”

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This additional capital broadens and deepens the roster of blue-chip institutions and leading investors supporting the closing of Aspiration’s business combination, which is expected to close in the first quarter of 2022, subject to approval by InterPrivate III’s shareholders and the satisfaction or waiver of other closing conditions identified in the business combination agreement entered into by Aspiration and InterPrivate III. Aspiration now expects cumulative net proceeds exceeding $700 million inclusive of these financings, together with the original $200 million common stock PIPE entered into in August of 2021 and assuming no redemptions from InterPrivate’s approximately $260 million trust account.

“Union Square Advisors is incredibly pleased to once again partner with Andrei, Joe Sanberg and the Aspiration team, as well as Ahmed and the folks at IPV, in this next phase of the Aspiration journey,” said Mike Meyer, Partner and Head of Capital Markets at Union Square Advisors. “We look forward to continued collaboration with Aspiration, as they scale and expand the impact of their ESG-driven ambitions.


Added Carter McClelland, Union Square Advisors Chairman, “Importantly, our participation in this transaction further reflects our firm’s commitment to working with leading companies in the sustainability ecosystem.”

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