Vennfi, a U.S.-based fintech focused on tax-exempt payments and the creator of Charityvest, announced on Wednesday it secured $1.1 million through its pre-seed funding round. Founded in 2016, Charityvest focuses on enhancing the giving experience for donors by creating “Charity Funds,” which is a fund in which money input is instantly tax-deductible and then can be later sent, digitally, to any 501(c)(3) organization at any time.
“Charityvest is designed to make the process of giving free–or as close as possible–for everyone. It does this by functioning like a bank. Some portion of the aggregate capital in the platform will be invested in extremely low-risk securities to create a financial return.”
Since its official launch in December 2019, Charityvest has facilitated giving to over 300 nonprofits and received nearly $2 million in charitable contributions from donors. Vennfi further noted that in addition to providing charitable giving funds to individuals or families, it plans to grow by providing businesses the ability to sponsor tax-advantaged charitable giving funds for employees and provide churches with a free digital solution to collect donations from members.
Funds from the pre-seed funding round will be used to continue the growth and development of the Charityvest platform. Full information about the pre-seed round has not been disclosed.