Vennfi Raises $2.3 Million Ahead of Charityvest Platform Expansion

Even as 2020 begins to wind down, FinTech deals continue to roll in. Last week, Vennfi announced it had raised $2.3 million in funding. The seed round was led by former DCM Ventures partner Tom Blaisdell with participation from Teamworthy Ventures, Duro.vc, Sovereign’s Capital, and Promus Ventures along with individual investors and other funds. With the latest raise, Vennfi’s has now brought in a total of $3.7 million for 2020.

Vennfi’s fundraising comes just ahead of their Charityvest platform rolling out a key new feature. On December 1st — also known as Giving Tuesday — the service will begin allowing users to donate publically-traded stocks and ETFs to one of the more than 1.4 million charities featured on the site. These transfers will have zero fees and can be done from any brokerage. As Charityvest notes, this strategy may be more advantageous for donors and charities when compared to the alternative of selling a stock and then giving the gains away.

Commenting on the new Charityvest stock donation service, the site’s CEO Stephen Kump stated, “Charityvest’s zero-fee stock giving feature is the first of its kind, enabling both individual donors and employees of companies that use Charityvest to make a tax-deductible gift of securities to their fund, and use the cash proceeds to support one or more charities with just a few clicks. With financial markets at all-time highs, we see stock giving as a highly efficient way to intentionally set aside financial resources for generosity.”

Meanwhile, investor Tom Blaisdell said of the platform, “Being generous makes people happier, and Charityvest makes being generous easier. This is yet another example of taking a financial vehicle – donor-advised funds, in this case – widely used by wealthy families and individuals to simplify and amplify their charitable giving, and applying technology to make it simple and inexpensive enough for everyone to take advantage of it.” Blaisdell added, “I’m excited to be involved in helping Charityvest make the world more generous.”

Outside of this stock-gifting functionality, Charityvest also boasts other features that both encourage and enable giving. For example, by using the platform, donors can consolidate their tax-deduction receipt. Elsewhere, the service also helps companies to create donation matching programs so that they can help support causes their employees believe in.

Overall, Vennfi and their Charityvest platform are good examples of how FinTech innovations are enabling all kinds of clever and useful services. Of course, with everything going on in the world right now, this investment and the ensuing expansion couldn’t come at a much better time. As a result, expect to not only see Vennfi themselves grow in the coming months but also anticipate further emphasis on improving giving and charity procedures with technology.

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Marqeta Expands Credit Program with New APIs and More

A FinTech that specializes in creating credit card experiences is rolling out some new features. This week, Marqeta announced what it calls a "significant expansion" of its credit platform. This includes more than 40 new credit APIs that will further help clients craft and launch their own credit card products. Additionally, the company notes an updated intuitive dashboard. Using this platform, businesses can create unique card options that can not...

PayPal Launches Small Business Credit Card with Flat 2% Cashback

The popular platform PayPal is rolling out a new product built specifically for small businesses. Today, the FinTech announced the launch of The PayPal Business Cashback Mastercard. The new card will be issued by WebBank and marks the first time PayPal has offered a business credit card. With the PayPal Business Cashback card, business owners will be able to earn 2% cashback on all purchases. This earning rate is not...

Wells Fargo Unveils New Autograph Rewards Visa Card

A new rewards credit card is on the way from Wells Fargo. Today, the bank introduced its Autograph card, which expands the company's refreshed card portfolio. In terms of rewards, the Wells Fargo Autograph Card will earn 3 points per dollar spent in a number of categories. These include restaurants, travel and transit, gas stations, select streaming services, and phone plans. All other purchases will earn 1x points. Beyond the...