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Wells Fargo Startup Accelerator joins $8.7 million round in philanthropic wealth platform Amicus



Amicus.io, the fintech firm behind the philanthropic platform for DAF 2.0, immediately introduced that it has raised $8.7M in collection B funding from mission-driven traders in philanthropic and banking sectors hailing from the US and Canada.

The spherical was led by The FR Group, a Vancouver-based household workplace. Wells Fargo Startup Accelerator additionally joined the spherical as a brand new investor. Along with funding, Amicus is launching its DAF 2.0 platform, a white label answer designed for shopper banks, to the good thing about non-public financial institution divisions, digital wealth administration, wealth managers and asset managers as properly the whole philanthropic neighborhood.

Savvy philanthropists have been turning to donor-advised funds (DAFs) at an incredible charge, with an 86 % improve in contributions to DAFs within the final 5 years, totaling $37.12 B in 2018 – with $121.42B in belongings beneath administration, in accordance with the 2019 Donor-Suggested Funds Report from the Nationwide Philanthropic Belief (NPT)1. Historically used for the large-scale philanthropic donations of household foundations and excessive internet price people, DAFs have been late to the digital transformation seen in mainstream funding choices like online-only inventory portfolio administration.

Rising demand for DAF flexibility, like decrease minimums and the flexibility to make smaller grants to charities, has been pushed by sponsors of recent DAF accounts, which have jumped by greater than 50% within the final couple of years thanks partly to favorable regulatory adjustments.

Consultants anticipate a spike in demand for DAFs with the introduction of user-friendly on-line instruments that make it simpler to contribute to and grant donations from DAF accounts – placing DAF market projections at $1Trillion within the subsequent 10 years, based mostly on present development charges and a transfer to fulfill demand for flexibility by modernizing the monetary instrument, which is greater than ninety years outdated.1

DAF 2.0 Platform for the Client Banking Buyer

Circumstances are prime for the Amicus DAF 2.0 platform, which lets shopper banks improve belongings beneath administration with an enterprise-ready charitable giving answer that integrates seamlessly inside their present on-line financial institution expertise.

Constructed on legacy techniques and depending on handbook processing, the standard DAF has traditionally solely been accessible to excessive internet price people and establishments by means of non-public banks and wealth administration companies.

Extra lately, the biggest business 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 totally automated and built-in backend, making it value efficient for shopper banks to supply a self-directed DAF to prospects for the primary time.

The white label DAF 2.0 platform lets establishments supply prospects a fantastically simple and gratifying self-directed strategy to philanthropic giving in a easy three section course of. All from inside the financial institution’s branded atmosphere, the DAF 2.0 platform will permit prospects to:

Contribute:
quite a lot of belongings, together with seamless switch of money, securities, with funds choices from just about any account (money deposit accounts, bank cards, conventional DAFs)

Make investments:
in white-labeled funding swimming pools, together with institutional mutual funds, managed accounts, ETFs, deciding on from a drop-down record and adjusting asset allocation with a single click on

Grant:
donate to greater than 1.8M US non-profits and philanthropic organizations, with the flexibility to simply search by title, location, class and the flexibility to find new charities by sort of trigger (wildlife safety, for instance).

The DAF 2.0 platform will assist refined asset administration and supply full transparency into the standing and stream of belongings alongside every section of the funding, liquidation and grant-making course of. Prospects obtain robotically generated tax receipts for as much as the minute accuracy of documentation, a real-time view into internet asset worth and the flexibility to simply add or change beneficiaries and successors.

In the end, Amicus plans to increase the DAF 2.0 to incorporate non-profit organizations, enabling them to share tales, and updates on the impression of donations again to prospects who’ve made donations by means of the DAF 2.0 platform and even put up initiatives that want grant funding. An immersive giving expertise will deepen connections between donors and the charities they assist, making a virtuous cycle of suggestions to maintain prospects engaged and impressed to proceed giving. Amicus can be rolling out the primary branded implementation of the DAF 2.0 platform in partnership with a number one international monetary establishment in This fall 2020.

“Amicus and the DAF 2.0 platform is our reply to creating the world a extra beneficiant place,” mentioned Walt Ruloff, founder and chairman of Amicus. “By decreasing the barrier to entry with a extremely value environment friendly consumer-oriented DAF, we set a ripple impact in movement that can impression the whole philanthropic neighborhood, paying dividends to every occasion concerned. Client banks play a key function in democratizing entry to a modernized DAF, and can lastly get in on some of the trusted and confirmed instruments for philanthropic giving.”

“We perceive deeply that when folks donate to a trigger, they need to truly make a distinction. At the moment’s philanthropists anticipate transparency, whether or not they’re within the 1 % or the 99 %,” mentioned Cor Hoekstra, co-founder and CEO of Amicus.io. “The DAF 2.0 platform places shopper banks on the coronary heart of a strategic transfer to empower motivated donors at scale, to the good thing about all.”

Amicus.io was based by Walt Ruloff and Cor Hoekstra, provide chain innovators whose enterprise success within the early 2000s supplied the impetus to place severe consideration on philanthropic work. After an in depth and heart-wrenching exploration of the nonprofit ecosystem, the 2 have been decided to deliver higher assets to the philanthropic neighborhood, together with enterprise-grade effectivity and digital infrastructure. Greater than twenty years of analysis and growth later, they’re introducing the DAF 2.0 platform, to function a pivot level for a paradigm shift throughout philanthropy. The DAF 2.0 platform aligns the incentives of donors, monetary establishments and philanthropic organizations towards charitable giving at scale.

Amicus is a graduate of the Wells Fargo Startup Accelerator, a totally digital six-month program targeted on serving to early-stage startups be taught what it takes to interrupt into the Fortune 500 market and the monetary providers vertical market. Amicus additionally participated within the Charlotte-based QC Fintech Accelerator, which supplies member firms entry to world class mentors, capital and monetary service organizations. Amicus accomplished a profitable SOC II Kind II compliance audit in mid 2020 and introduced the addition of CTO, Raja Musunuru.



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