Vennfi, which supports tax-exempt payments, closed a $2.3m seed round to support the development of its charity account services.
Angel investor Tom Blaisdell served as the lead investor, with participation also coming from Teamworthy Ventures, Duro.vc, Sovereign’s Capital and Promus Ventures also contributed to the round.
The company’s flagship platform is Charityvest, which enables anyone to create a tax-deductible charitable giving account known as a donor-advised fund. These act as a personal charitable foundation.
Through these, users can make tax deductible contributions of cash, stock and cryptocurrency to their fund. Users can supply donations to 1.4 million non-profits in the US.
One tool allows companies to automatically match their employees’ charitable donations.
The FinTech is planning to launch a zero-fee stock contributions solution, which will enable users to make donations of appreciated publicly-traded stocks and ETDs, directly to their fund, from any brokerage.
Vennfi CEO Stephen Kump said “Charityvest’s zero-fee stock giving feature is the first of its kind, enabling both individual donors and employees of companies that use Charityvest to make a tax-deductible gift of securities to their fund, and use the cash proceeds to support one or more charities with just a few clicks.
“With financial markets at all-time highs, we see stock giving as a highly efficient way to intentionally set aside financial resources for generosity.”
With the close of the round, the company has raised $3.7m over the past nine months.
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