- Spiral announced it has raised $28 million in funding.
Spiral – a pioneer of Impact-as-a-Service – announced a $28 million Series A investment, bringing its total funding to $42 million. The funding round was led by Team8 with additional funding from Euclidean Capital and Intuition Fund, Communitas Capital, Phoenix, and Nidoco AB.
The company plans to use the funding to launch the Impact-as-a-Service platform and expand its offerings to over 10,000 financial institutions across the U.S., including banks, credit unions, and fintech companies. And the funding will be used for growing its first-of-its-kind platform that helps banks and other financial institutions to easily embed sustainability, social impact, ESG, and CSR into their operations to empower millions of their customers to achieve daily impact and contribute to a better world.
The company was founded in 2019 and led by fintech entrepreneur Shawn Melamed, who is a former Managing Director of Morgan Stanley’s Technology Business Development and Innovation Offices. And Spiral was developed to help people and nonprofits drive tangible environmental and social impact through everyday banking products. The company had launched a socially responsible consumer banking app in 2021, which grew to over 65,000 customers and $65 million in transactions in under a year.
Plus Spiral helps banks and credit unions increase revenue through higher engagement and increased spending with their cards and create socially responsible debit cards, credit cards, accounts, and payment products. And Spiral seamlessly handles all the required underlying back-office operations, donation processing, compliance, and technical integrations with charities.
Through Spiral, banking customers at all income levels can easily 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.
KEY QUOTE:
“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. We decided to make our technology accessible to help more people and businesses make an impact easily using their current banking and financial apps. We realized that our innovative impact products are game-changer differentiators for banks, credit unions, and financial institutions that want to lead the market and give back to their communities while increasing their revenues and expanding their customer base.”
— Shawn Melamed, Co-founder and CEO of Spiral
