Spiral builds an Impact-as-a-Service™ platform that enables financial institutions to embed sustainability, social impact, ESG, and CSR into core banking and payment products. The company previously launched a socially responsible consumer banking app in 2021 that grew to over 65,000 customers and processed $65 million in transactions in less than a year. Spiral has since transitioned to a B2B model to license its technology to banks, credit unions, and fintechs, while handling back-office operations, donation processing, compliance, and charity integrations. The firm plans to use new funding to launch its platform and expand offerings to more than 10,000 financial institutions across the U.S. Its products include socially responsible debit and credit cards, round-up transactions, monthly charitable subscriptions, and donor-advised funds to drive customer engagement and revenue. Founded in 2019 and headquartered in NYC, Spiral aims to simplify integrations with 1.5 million charities and scale impact for hundreds of millions of customers. Spiral is launching an ethical banking app that enables customers to support any charitable cause while earning attractive rates and monthly cash bonuses on their deposits. The app will match customer donations up to a limit and allows nonprofits to share engaging content, increase donations and collect funds without fees. Spiral’s deposit accounts are issued by nbkc bank (Overland Park, KS) and deposits are insured by the FDIC up to $250,000. The app is live in beta and the company plans a public launch next quarter, with a waiting list open. The team is led by CEO and co-founder Shawn Melamed and President and co-founder Dan Blumenfeld, and recently added former Morgan Stanley COO Jim Rosenthal to its board. The company raised $14M in funding to support the app launch.

Total raised

$42M

Funding rounds

2

Latest round

Series A

Latest activity

Mar 2023