Mar 29, 2023

Spiral, a fintech startup that helps banks offer charitable giving services, has raised $28 million. The startup believes it can help banks differentiate their brand and attract Gen Z customers. Check out Spiral's 13-slide Series A pitch deck below: A startup that enables financial institutions to embed charitable giving into their services has raised $28 million in fresh funds. New York City-based Spiral has developed a system it calls "impact-as-a-service" that it offers to banks, credit unions, and other financial service providers. Banks can offer roundups on their purchases, monthly donations via a subscription, and access to funds advised by donors that are tax-deductible with Spiral's product. The startup believes it can help banks differentiate their brand, attract Gen Z customers who are keen on more sustainable products, and increase customer loyalty and retention. "There are thousands of community banks in the US and for the vast majority their core essence is around building communities and investing back into them," Shawn Melamed, Spiral's CEO and cofounder told Insider. "They are looking for ways to differentiate themselves, things like using roundups when you buy gas to plant a tree, which helps them meet their targets and makes their members feel good." Spiral uses either an API or turnkey solution to manage compliance, technical integrations, and donations to around 1.5 million charities in the US. Melamed said that Spiral has a stringent diligence process for charities that want to be on its platform via various partnership agreements. Spiral's funding round was led by Team8 with additional funding from Euclidean Capital and Intuition Fund, Communitas Capital, Phoenix, and Nidoco AB, taking Spiral to $42 million in funds raised to date. The fresh capital will go towards building out the company's digital banking toolkit so that financial institutions can embed Spiral's product, alongside growing out the startup's sales team. Check out Spiral's 13-slide pitch deck below: Spiral