Spiral has raised $28 million in Series A funding, according to a statement by the Fintech, bringing the total to date to $42 million. Spiral is a company that offers “impact as a service,” allowing banks, Fintechs, etc., to embed ESG or impact offerings on their platform.
The funding was led by Team8 with the participation of Euclidean Capital and Intuition Fund, Communitas Capital, Phoenix, and Nidoco AB.
Spiral said the capital will be used to launch its platform and expand its offerings to over 10,000 financial institutions across the U.S.
Spiral described itself as a first-of-its-kind platform that helps financial institutions easily embed ESG offerings.
Spiral was founded in 2019 by Shawn Melamed, a former Managing Director of Morgan Stanley’s Technology Business Development and Innovation Offices. Initially, in 2021, the company launched a “socially responsible consumer banking app that reportedly grew to over 65,000 customers and $65 million in transactions in less than a year.
CEO Melamed said the launch of their app showed that rather than a banking app, the biggest opportunity was to partner with other financial services firms.
“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.”
Beyond providing “socially responsible” services like cards, Spiral also handles back-office operations, including donations and technical integrations. Spiral states that it supports technical integrations with 1.5 million charities.