Spiral, a NYC-based banking solution for the charitable sector, raised $14m in funding.
The round was led by Team8 with participation from Communitas Capital, Phoenix, Nidoco AB, MTVO, as well as financial executives.
The company intends to use the funds to launch its app.
Led by Shawn Melamed, CEO and Co-Founder, and Dan Blumenfeld, President and Co-Founder, Spiral is launching a new ethical banking app that enables customers to support any charitable cause they care about while earning attractive rates and monthly cash bonuses on their deposits. Spiral will even match their donations, up to a limit. Nonprofits can use the app to share engaging content with supporters, increase donations and collect funds without fees. The app is live and will launch to the public next quarter. Spiral deposit accounts are issued by nbkc bank, Overland Park, KS, and deposits are insured by the FDIC up to $250,000.
The list of nonprofit partners is growing daily and includes: F4C Foundation for Climate Restoration, David Ortiz Children’s Foundation, CultureForOne, HERHealthEQ, Wayuu Taya, Cerebral Palsy Research Alliance Foundation, Annie Cannon, Campaign to Keep Guns off Campus, Boys and Girls Clubs of Metro Baltimore, The Forbes Funds, Games for Change, Opportunity Junction, Knock Knock Give a Sock, Backpacks for Life, and Foundation Tournesol.
The team includes Melamed, who is the former Managing Director of Morgan Stanley’s Technology Business Development and Innovation Offices, and founded software company Correlix, which was acquired by TSA, and led StrikeNet to its M&A with TMX Group; and Blumenfeld, who is the former head of product and growth at Skype, and founded Kifi (acquired by Google) and held leadership roles at Check (acquired by Intuit) and IncrediMail (IPO). The pair has assembled a team with deep banking and fintech expertise, including Jim Rosenthal, the former COO of Morgan Stanley, who was recently appointed to Spiral’s board.
The app is now live in beta, and the waiting list is open at http://www.spiral.us