FAQs

FAQs

What is Purpose?

Purpose offers mobile banking that supports vegan businesses and rewards you for choosing cruelty-free and plant-based products. Underlying all of our banking and business activities is a commitment to social and environmental responsibility, with a focus on promoting a plant-based future.

When banking with Purpose, you are:

Supporting advocacy

Purpose donates a percentage of every card transaction to life-saving animal advocacy organizations focused on ending the abuse of animals raised for food. We are committed to donating a percentage of net income to standout advocacy organizations such as Humane League, Mercy for Animals and The Good Food Institute.

Funding the future

When you put money in the bank, it doesn't just sit there. Banks use your deposit money to make loans to industries, companies, and projects that may not align with your values. Instead, Purpose is committed to supporting a kinder and more sustainable future and promoting a vegan and cruelty-free lifestyle.

Growing a movement

Purpose is a community of changemakers making their money work towards a kinder and more sustainable future. Together we are choosing to redirect our money towards a future we believe in, encourage other financial institutions to divest from cruelty, and discover and share mission-aligned products with other changemakers.

How does Purpose make money?

Purpose has no monthly fees and no minimum balance. Every time you swipe your Purpose debit card, the merchant pays us a small transaction fee called interchange. In the future we also expect to make money off interest margin—the difference between the amount of interest made on loans and the amount of interest paid to customers for balances.

Is Purpose secure?

We take security very seriously and are committed to meeting and exceeding industry standards to safeguard your data. Bank-grade security ensures your personal and account information are always safe. All individual deposits are FDIC insured up to $250,000 through The Bancorp Bank and all card transactions are protected by Mastercard zero-liability guarantee1. You’ll never be responsible for any unauthorized activity on your account. If your card gets stolen or lost, you can immediately freeze your card in the app.

Who is the team behind Purpose?

The Purpose founders are a diverse team with a long history of advocacy in the areas of animal welfare and financial inclusion. Before Purpose, they worked at mission driven companies tackling big problems such as climate-change mitigation and democratizing access to education. They bring to the task decades of combined experience building products and leading engineering, design and product at top tier companies.

How do I contact Purpose?

If you have any questions or suggestions for us, we’d love to hear from you. Just shoot us an email at human@purposebanking.com and we promise to get back to you within 24 hours.

Be the change

Join us on our mission to harness the economic power of millions of conscious consumers towards a kinder and more sustainable future.

Join the waitlist

The Purpose Mastercard® Debit Card is issued by The Bancorp Bank, Member FDIC, pursuant to license by Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Program Management services provided by Galileo Financial Technologies, LLC. Spend anywhere Mastercard is accepted.

Spend everywhere Mastercard® debit cards are accepted.

1Conditions and exceptions apply – see Deposit Account Agreement.