Charityvest, which has builds tax-deductible charitable giving accounts, has released new investment capabilities after the close of a $2.2m seed round.
The capital injection was backed by DURO VC, Jackson Healthcare CEO Rick Jackson and UMANA Family Office CEO Ba Minuzzi.
The capital injection will enable donors in their community to invest their charitable balances across efficient robo-advised portfolios featuring ETFs from Vanguard and Blackrock.
Its donor-advised funds allow users to make tax-deductible contributions of cash, stock or cryptocurrency into their fund and direct funds to over 1.4 million nonprofits across the US.
Charityvest has released a new low-fee portfolio where users can invest their remaining balance for tax-free growth to give more to charity over their lifetime, with all-in fees 50% lower than the leading provider in the DAF space, it said.
With investments, Charityvest lets users set money aside in a tax-deductible account and grow the money tax-free. They can support charities at any time.
The FinTech company hopes to expand its donor-advised fund technology to help donors collaborate within impact-focused communities and deliver donor advisory capabilities among others.
Charityvest CEO Stephen Kump said, “I started this company out of a conviction that more technology was needed to help people give purposefully in ways that integrate well with their lives. Today we are delivering donor-advised funds, a traditionally complex tool, in more delightful ways with lower fees, and we are excited about the capabilities we can build on top of our strong technical foundation from here.
“I’m thrilled our investors share our beliefs, and with the new seed funding, coupled with the new investment options, we are excited for what the future holds.”
With the close of the round, the company has raised a total of $6.9m.
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