Author: Finextra

fintech innovation startup

Spiral raises $14m for charitable giving banking app

Spiral, an “ethical banking app” that makes it easy for users to give to charities, has raised $14 million in a funding round led by Team8. Communitas Capital, Phoenix, Nidoco AB and MTVO joined the round for New York-based Spiral, which says it want to make it easier for Americans “to do good”.

The startup says its app will make it effortless to give to charities and non-profits, with automatic donation reports for tax returns and donation matching of up to $150 a year.

Nonprofits that partner with Spiral can receive donations without any fees and share content directly through the app to engage supporters. The app also connects to social media, so Spiral customers can promote the causes they support and the donations they make.

Users also get deposit accounts issued by a banking partner, spending, saving and giving rewards, attractive rates, and monthly cash bonuses on their deposits.

Spiral is the brainchild of former Morgan Stanley tech executive Shawn Melamed and ex-Skype head of product and growth Dan Blumenfeld. Former Morgan Stanley COO Jim Rosenthal has joined the board.

Says Blumenfeld: “People are increasingly supporting brands that align with their values. And they expect a simple and effortless user experience. Spiral will offer customers both a personalised banking experience and a deeper connection to the charities they support.”

Source: Finextra

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