Top Philanthropic Fintech Companies
Financial Technology or (fintech) as abbreviated is the technology and innovation that aims to improve the process of financial service companies from delivery to the application of the service of their consumers. It is an emerging new industry that promotes improved activities in finance online and via smartphones.
Fintech companies have made a huge effect on financial services, redefining standards, and expectations from improved faster and secured payments and transactions. Improved fintech process has improved vastly that it also influenced charity giving more particularly online donation.
Nevertheless, shopping and online payments are not only the areas affected by Fintech. Donating online has also changed drastically and, thanks to innovations that streamlined transactions, it is now more convenient to engage and support social causes around the globe.
To have more engagements and participation from consumers and users, these companies need linkages from their consumers and charitable institutions for publicity. Participation in such activities is an opportunity to promote their services gaining more trust from the public and users as well. They must actively engage in donation drives and promote rapport between their consumers and users.
Linkage is a huge part of the promotion of the company. The activities vary from fund drives or through charitable institutions, fun runs, auctions among others.
The changes brought by the progress of Fintech companies gave empowerment to several charitable organizations, that now uses easy to use database, delivery, and up-to-date reports.
We have compiled a few fintech companies who have excelled in philanthropic activities. These companies performed sound among other fintech companies. The companies listed have done well as a company that supports philanthropic activities. This list is not arranged in order:
Chuffed is a crowdfunding platform that is based online which is created for nonprofit and charitable organizations that have reached enormous figures since from the time it was founded. It has approximately 15 million euros raised, over 7,900 social campaigns, and over 220,000 funders. Anybody that has access online can create and manage a social cause campaign on this website, with no bias, whether it is related to the LGBTQ+ community, social welfare, education, and even animal rights. The funds are received directly to the owner’s PayPal or bank account. The party launching the campaign receives 100% of all proceeds, as well as support with online campaign promotion.
This App, RoundUp is one of the leading funding tools that automatically rounds off users’ debit or credit card transactions and gives the “change” to your nonprofit, providing a new flow of recurring donations. It is estimated that 10, 000 people have created an account through their mobile phone application and are already helping more than 1, 000 nonprofit organizations as reported by RoundUp. There was already an amount on an average of $15.34 per month according to them.
Pennies. If you are looking for a state-of-the-art charity, Pennies is your charity organization. They made donating simpler for ordinary people. Through a partnership with retail outlets, the buyers have now the option to round up their receipts when they pay by card, and those extra cents are used for a social cause. Pennies are all over, they have in-apps, in-stone, as well as online, and to date, they have helped in an estimated over 200 nonprofits.
CrowdRise. Another platform for funding nonprofit organizations that has an estimated over $30 million funding received. It helps users easily launch their fundraising sites and the funds go directly to a charity, regardless of where the campaign was successfully achieved their goals. CrowdRise has now successfully partnered with well-known organizations to date like Red Cross, Boston Marathon, and UNICEF.
Developing online fundraising tools for churches and nonprofits has been the goal of Cheerful officially called Bstow. Providing several means of giving it could be recurring, one-time donations or rounding change, Cheerful/Bstow is already accessible on the Web also compatible with iOS devices and in the development soon in Android devices. Cheerful has a lot of users through donating with a few pennies, they have a retention rate of 90%, this has helped many nonprofit organizations and charitable institutions to overcome their funding challenges. By utilizing Cheerful/Bstow the members have the option to choose any nonprofits to donate to for they have as many as 1.5 million nonprofits registered to them.
GoodWorld has been of the pioneer charitable fintech. Together with the hugely enhanced online services such as card payments, this has also affected the donation process. The innovation they brought which has become the seal of GoodWorld in the donation process were as easy as creating a hashtag. Registered users of GoodWorld just have to fill out a form and then every time should they wish to donate to a specific cause on social media, they only need to type # donation, including the exact amount they want to donate.
When it comes to automating users’ online investment, Betterment is your company. As part of their service is a feature that includes an option for donations. This allows users to give shares as a gift via Betterment. This ensures that the nonprofits receive the whole donation. The users can donate their shares to charities they wish to give such as Feeding America, Save the Children, and UNICEF USA. To date, more than $700,000 were donated to charitable organizations through Betterment’s services in 2017 according to their company’s report.
In India, the most popular crowdfunding platform is ImpactGuru. They have helped approximately over 10,000 people and charities with fundraisers of over 13, 000. The incentives based on rewards and private investment ideas made ImpactGuru well-known. Tax benefits are given to Indian, American, and British donors, this made ImpactGuru the only platform that offers this benefit to donors in India.
PayPal is the online payment company that has 190 markets with 24 active currencies worldwide. The PayPal application features an option to donate to nonprofit organizations and charitable institutions with a touch of a finger. Their website also encourages to donate via their PayPal Donations Fund, which covers all deductions and commissions. The firm disclosed that in 2017, PayPal has generated approximately over $100 million for charities. According to the company, they have received donations from more than a million customers have donated and the funds allocated to over 46,000 charities
Cleo. An Artificial intelligence fintech start-up based in UK, called Cleo, is offering users financial planning tips such as saving money and gathering information on where and what they spend. A new feature has recently been added to their platform, and it is a donation feature where users just pronounce the word “donate” in Cleo’s chat then a percentage of their savings will be donated to a charity. The users have the option to activate or deactivate this feature to donate any time the users wish to donate. They have the option to modify the amount they wish to donate to their chosen charity.