A digital bank backed by Leonardo DiCaprio is reportedly struggling to raise cash ' and it might be WeWork's fault

A digital banking startup backed by Leonardo DiCaprio and Orlando Bloom is battling to raise cash, and WeWork's public meltdown could be to blame, according to CNBC.Aspiration has struggled to coax investors into participating in its latest financing round, CNBC reported, citing people with knowledge of the matter.The collapse of WeWork's IPO could be responsible for its challenges. Venture capitalists are "becoming more discerning about the outcomes on latter-stage rounds," a fintech CEO told CNBC.Visit Business Insider's homepage for more stories.A digital banking startup backed by Leonardo DiCaprio and Orlando Bloom is battling to raise cash, and WeWork's public meltdown could be to blame, according to CNBC.Aspirationwhich also counts eBay's founder Pierre Omidyar and its former president Jeff Skoll among its investorspreviously raised $110 million. However, ithas struggled to coax investors into participating in its latest financing round, CNBC reported, citing people with knowledge of the matter.The online-only bank, which allows customers to pay what they want and doesn't work with fossil-fuel or firearms companies, wanted to raise at least $200 million at a valuation north of $1 billion, Reuters reported in April.The collapse of WeWork's IPOwhich resulted in the coworking startup's valuation plunging, cofounder Adam Neumann stepping down as CEO, and SoftBank bailing it out could be responsible for Aspiration's challenges. "This is a company that would've gotten funded a year ago," a fintech CEO told CNBC.Venture capitalists are "becoming more discerning about the outcomes on latter-stage rounds," the executive added. "If you're going to fund something at a $1 billion valuation, are you sure you can get a $3 billion valuation in an IPO'"Los Angeles-based Aspiration could be in trouble. It slashed its headcount by 15% last month and has delayed paying vendors for several months, CNBC reported. The backlash from suppliers led to the bulk of the firm's acquisition team quitting, former employees told CNBC, adding that managers said during a company meeting that it was "normal" to withhold payment from some vendors.However, Aspiration has dismissed claims that it's running short of cash.Cofounder and CEO Andrei Cherney said in an email to CNBC that more than 1.5 million Americans have signed up for Aspiration, it has raised more than $50 million this year with further commitments to come, and "prudent cash management and changing up your team structure is part of being a startup."Join the conversation about this storyNOW WATCH: A big-money investor in juggernauts like Facebook and Netflix breaks down the '3rd wave' firms that are leading the next round of tech disruption
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