Amicus.io, the fintech firm behind the philanthropic platform for DAF 2.0, introduced on Tuesday it secured a further $8.7 million by its Collection B funding spherical, which was led by The FR Group. Based in 2013, Amicus.io is making philanthropy as on-line banking.
“Develop your belongings below administration. Scale donor-advised funds with an enterprise-ready giving platform, seamlessly built-in into your banking expertise.”
Amicus additionally famous that philanthropists have been turning to donor-advised funds (DAFs) at an incredible price, with an 86 % improve in contributions to DAFs within the final 5 years, totaling $37.12 billion in 2018 – with $121.42 billion in belongings below administration, in response to the 2019 Donor-Suggested Funds Report from the Nationwide Philanthropic Belief (NPT).
“Constructed on legacy programs and depending on guide processing, the traditional DAF has traditionally solely been accessible to excessive internet price people and establishments by personal banks and wealth administration corporations. Extra lately, the most important industrial DAF sponsors have provided extra versatile DAF choices – even decreasing account minimums. The Amicus DAF 2.0 platform dramatically improves the economics of the DAF with a completely automated and built-in backend, making it price efficient for client banks to supply a self-directed DAF to clients for the primary time.”
Talking concerning the DAF 2.0 platform growth, Walt Ruloff, Founder and Chairman of Amicus, acknowledged:
“Amicus and the DAF 2.0 platform is our reply to creating the world a extra beneficiant place. By decreasing the barrier to entry with a extremely cost-efficient consumer-oriented DAF, we set a ripple impact in movement that can affect all the philanthropic neighborhood, paying dividends to every social gathering concerned. Shopper banks play a key function in democratizing entry to a modernized DAF, and can lastly get in on one of the trusted and confirmed instruments for philanthropic giving.”
Cor Hoekstra, Co-Founder and CEO of Amicus, added:
“We perceive deeply that when individuals donate to a trigger, they need to really make a distinction. At present’s philanthropists count on transparency, whether or not they’re within the 1 % or the 99 %. The DAF 2.0 platform places client banks on the coronary heart of a strategic transfer to empower motivated donors at scale, to the advantage of all.”