Amicus.io, which claims to be the FinTech for philanthropy, has ended its Series B round on $8.7m, to support the launch of its DAF 2.0 platform.
The investment was led by Vancouver-based family office FR Group, with contributions also coming from Wells Fargo Startup Accelerator.
Alongside the funding, the company has launched its DAF 2.0 platform, a white label solution designed for consumer banks to ease donations of private bank divisions, digital wealth management, wealth managers and asset managers as well the entire philanthropic community.
The Donor-Advised Funds Report from the National Philanthropic Trust in 2019 claimed that philanthropists have been moving towards donor-advised funds (DAFs) at a rapid rate. It claims there has been an 86% increase in contributions to DAFs over the past five years.
Through DAF 2.0, consumer banks can increase assets under management through an enterprise-ready charitable giving tool that integrates with their online banking experience.
Customers will be able to contribute a variety of assets, including cash transfer, securities or other payment types. It also enables then to access white-labelled investment pools, such as mutual funds, managed accounts and ETFs.
Finally, users can donate to more than 1.8 US-based non-profits and philanthropic organizations.
Amicus founder and chairman Walt Ruloff said, “Amicus and the DAF 2.0 platform is our answer to making the world a more generous place.
“By lowering the barrier to entry with a highly cost efficient consumer-oriented DAF, we set a ripple effect in motion that will impact the entire philanthropic community, paying dividends to each party involved. Consumer banks play a key role in democratizing access to a modernized DAF, and will finally get in on one of the most trusted and proven tools for philanthropic giving.”
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