Innovation

Spira secures $14M in funding, debuting banking app for charitable sector

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March 31, 2021

Spiral, a banking solution for the charitable sector, has secured $14 million in funding led by global venture group Team8 with participation from Communitas Capital, Phoenix, Nidoco AB, MTVO, as well as leading financial executives, according to a press release.

"People are increasingly supporting brands that align with their values," Dan Blumenfeld, president and co-founder of Spiral said in the release. "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."

Spiral will use the funds to launch an "ethical banking app" that enables customers to effortlessly support any charitable cause they care about while earning attractive rates and monthly cash bonuses on their deposits. Spiral will also match donations. 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.

"The future belongs to socially-conscious brands that care as much about giving back to society as they do about generating profits and growth," Shawn Melamed, CEO and co-founder of Spiral, said in the release. "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."

People are increasingly supporting brands that align with their values, said Dan Blumenfeld, president and co-founder of Spiral.

"And they expect a simple and effortless user experience," he said. "Spiral will offer customers both a personalized banking experience and a deeper connection to the charities they support."