New York fintech Spiral secures $28m Series A funding
New York-based fintech Spiral has raised $28 million in a Series A funding round.
The latest round, which brings its total investment to date to $42 million, was led by Team8 with additional funding from Euclidean Capital and Intuition Fund, Communitas Capital, Phoenix and Nidoco AB.
The company will use the funding to launch its Impact-as-a-Service platform and expand its offerings to more than 10,000 financial institutions across the US, including banks, credit unions, and fintechs.
Spiral allows financial institutions to embed sustainability, social impact, ESG, and CSR into their core businesses and boost revenue through higher engagement and increased spending.
Banks and credit unions can create socially responsible debit cards, credit cards, accounts, and payment products with Spiral handling the underlying back-office operations, donation processing, compliance, and technical integrations with charities.
Banking customers at all income levels can make an impact through everyday purchases, round-up card transactions, monthly charitable giving subscriptions, and tax-deductible donor-advised funds for long-term charitable giving, Spiral says.
Spiral co-founder and CEO Shawn Melamed says: “After launching our own mission-driven consumer banking app and witnessing its rapid growth, we saw that rather than offering an independent banking app, the greatest value would be to partner with other financial institutions.”