Spiral, which has developed a banking solution for the charity sector, today announced the completion of a $14 million foinancing round led by Team8, with participation from Communitas Capital, Phoenix, Nidoco AB, and MTVO, as well as leading financial executives.
Spiral will use the new investment to launch a new ethical banking app that enables customers to easily 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 was founded by serial fintech entrepreneurs CEO Shawn Melamed and president Dan Blumenfeld.
Melamed said, "The future belongs to socially-conscious brands that care as much about giving back to society as they do about generating profits and growth. Spiral plans to pioneer the ethical banking industry by creating a new ecosystem solution for more than 100 million charitable givers and 1.5 million non-profit businesses. Not only does Spiral make it easy and engaging for people to support causes they care about but we also financially reward them so they can personally thrive."
Blumenfeld added, "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 personalized banking experience and a deeper connection to the charities they support."
Team8 Capital managing partner Sarit Firon said, "We’re excited to back Spiral’s unique vision and incredible growth potential. Brands like Tesla, Whole Foods and Lemonade have galvanized specific demographics to become the front-runners of their industries. Spiral is on a mission to do the same in the world of banking."
Published by Globes, Israel business news - en.globes.co.il - on March 31, 2021
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