Spiral startup, which is based in New York, announced that it managed to attract investment funds in the amount of $ 28 million to launch the Impact as a Service platform.
Source: Pixabay.com
This platform is designed to provide financial institutions and fintech companies with assistance in the successful implementation of their efforts to create conditions for sustainable development and social impact.
The round of attracting Series A investment funds, as a result of which the total amount of financing for Spiral reached $ 42 million, was headed by Team8. Also participating in this round were Euclidean Capital and Intuition Fund, Communitas Capital, Phoenix, and Nidoco AB.
Spiral is the joint brainchild of former Morgan Stanley CTO Sean Melamed and ex-Skype head of Product and Growth Dan Blumenfeld. Jim Rosenthal, a former Morgan Stanley executive, also joined the board.
The startup started its activity as an ethical banking application, which is focused on the highest quality satisfaction of consumers’ needs and prompt response to changes in their behavior and preferences in the field of financial services. The main focus of the company’s work was to facilitate the process of transferring funds for charitable purposes.
Now the firm is switching to the B2B model. The startup intends to help banks, credit unions, and firms from the fintech industry to introduce sustainable development concepts, achieve a high level of social impact and effectively implement environmental, social, and corporate governance strategies.
The startup simplifies the work of the back office, the processing of donations, compliance with legal regulations, and technical integration with 1.5 million charitable organizations.
Sean Melamed says that after the launch of the application, which has a clearly defined mission for its activities, and its rapid growth, it was concluded that an independent banking product would be of great value in the case of partnerships with other financial institutions. He also announced the decision to make the startup’s technology more accessible in order to help more customers make an impact through the use of banking and financial applications.
As we have reported earlier, Spanish Fintech ID Finance Raises €30 Million.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
