From faster payments to increased transaction security, Fintech companies have made a huge impact on financial services as a whole, redefining standards and expectations. However, these are not the only areas disrupted by Fintech. Charitable giving was also fundamentally changed and, thanks to the innovations that allowed for streamlined transactions, it is now easier than ever before to engage and contribute to social causes that are thousands of miles away. Needless to say, the progress made by Fintech companies also empowers charities, who now have access to state-of-the-art funding tools for volunteer engagement, database management and community outreach. Below are 10 notable Fintechs that have made a major breakthrough in the process of charitable giving and gave back to the community in ways that weren’t possible ten years ago:
Created especially for nonprofits and charities, Chuffed is an online crowdfunding platform that has managed to reach impressive numbers in just a few years since launch: €15 million raised, 7,900 social campaigns and more than 220,000 donors. On this website, anyone can initiate and manage a social cause campaign, no matter if it’s related to social welfare, the LGBTQ+ community, animal rights or education. As the funds come in, they are transferred into the owner’s bank account or PayPal. The party who initiates the campaign gets 100% of all revenue, as well as assistance with promoting the campaign online.
Community Funded is the #1 community engagement platform that focuses on two aspects: Giving Days and crowdfunding. They have developed a white-label crowdfunding software for charities and non-profit organizations, helping them connect social campaigns across multiple departments: email marketing, messaging, social marketing and more. With Community Funded, organizations can add crowdfunding options to their websites and monitor donor participation.
Pennies is a fintech charity that makes donations easier for regular individuals. Partnering with retailers, they give shoppers the option to round up their receipt when making card payments and those few extra pennies go to a social cause. Pennies works in-stone and in-apps, as well as online, and so far, they have helped more than 200 charities. A similar system is used by US based Giving Assistant, which offers discounts for various online stores and then the cashback can be donated by shoppers to charity.
Having received more than $30 million in funding, CrowdRise is another charity crowdfunding platform for nonprofits. It allows users to create their own fundraising websites and the money goes directly to charity, whether or not the initiator of the campaign achieved their goal requirements. To date, CrowdRise has collaborated with famous organizations such as the Red Cross, UNICEF and Boston Marathon.
Bstow creates online fundraising software for nonprofit organizations and churches. Offering several ways to give (one time, recurring donations or rounding up spare change), Bstow is compatible with Web, iOS devices and soon, Android. Although donating a few cents does not sound like much, Bstow has many users and, with a 90% retention rate, it has managed to help many nonprofits overcome funding obstacles.
Card payments and online services have streamlined the donation process significantly. But what if donating were as easy as using a hashtag? This was the premise behind GoodWorld, one of the most innovative charity fintechs. Users who join GoodWorld only have to complete one form and then every time they want to donate to a certain cause on social media, all they have to do is type #donate, followed by the amount they want to give.
HubBub collaborates with universities and nonprofits, helping them create all-year-round online fundraising campaigns. Some of their partners include London Business School, Durham University and the University of York. In addition to helping them set up and efficient campaign, HubBub also offers resources to promote the cause.
ImpactGuru is the most successful crowdfunding platform in India, having managed to help more than 10,000 individuals and organizations with 13,000+ fundraisers. Although it also accepts traditional donations, ImpactGuru became known for its rewards-based incentives and private investment options. ImpactGuru is the only platform in India to offer tax benefits to Indian, US and UK donors.
Georgia Aquarium, the L.A. Mission, the Los Angeles Zoo. These are just three of the nonprofits that managed to earn more funds with the help of WeDidIt, a new donor intelligence and fundraising platform that integrates with every website and donor database. WeDidIt also offers coaching to help organizations raise funds more effectively, as well as actionable insights on who and how donates for social causes.
Cleo is a UK-based AI that offers users financial planning advice in order to save money and gain insights into what and where they spend. Recently, Cleo also incorporated a donation feature: users can simply say the word “donate” in the Cleo chat and a percentage of the savings made will go to charity. They can turn on and off the option to donate at any time, as well as change the amount they would like to give to charity