Vennfi bags $1.1m in new funding round

Vennfi, a solution supporting tax-exempt payments, has bagged $1.1m in its funding round to help it build new capabilities.

The investment was led by two unnamed family offices. With the funds, the FinTech plans to extend its tools and increase growth.

Vennfi’s flagship solution is Charityvest, which gives individuals and businesses the ability to make free tax-deductible charitable funds. Users can donate cash or stock to their fund and make donations to more than 1.4 million non-profits in the US.

Vennfi was initially thought of when CEO Stephen Kump was at Yale University in 2016, he said, “My wife and I made a commitment to give a percentage of our income away and we wanted a donor-advised fund to manage it, but the fees and experience of traditional funds didn’t make sense for us or our friends.”

The Charityvest solution does not collect fees, instead it invests aggregated account balances into low-risk investment vehicles.

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