New York-based fintech startup, Spiral, recently raised $28M in a Series A funding round, bringing its overall funding to $42M. The round was led by Team8 and included participation from Euclidean Capital, Intuition Fund, Communitas Capital, Phoenix, and Nidoco AB. With this funding, Spiral plans to introduce its groundbreaking platform and extend its services to a wide range of financial institutions across the U.S., such as banks, credit unions, and fintech companies.
Founded in 2019 by CEO Shawn Melamed, Spiral has designed an Impact-as-a-Service platform focused on helping banks, credit unions, and financial institutions incorporate sustainability, social impact, and ESG into their core operations. This integration aims to significantly enhance community impact and foster customer engagement.
Spiral’s platform allows banks and credit unions to drive revenue growth through increased customer engagement and card spending, while also offering socially responsible debit cards, credit cards, accounts, and payment products. Additionally, Spiral manages all necessary back-office functions, donation processing, compliance, and technical collaborations with charities. The platform enables banking customers of all income levels to make a difference through everyday purchases, round-up card transactions, monthly charitable giving subscriptions, and tax-deductible donor-advised funds for long-term philanthropy.
By streamlining back-office operations, donation processing, compliance, and technical partnerships with 1.5 million charities, Spiral empowers banks and financial institutions to enable countless customers and businesses to contribute positively to the world. As the platform continues to expand its offerings, it holds the potential to redefine the way financial institutions integrate sustainability and social impact, ultimately revolutionizing the finance sector as a whole.
